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BRIEFLY

Energy

November 16, 1994|From Times Staff and Wire Reports

Tenneco Sells Off More of Case: The conglomerate disposed of 24% of Case Corp. in a $328-million stock offering that reduced its stake in the farm and construction equipment company to 47%. Houston-based Tenneco Inc. said it had planned to sell 15.6 million shares, but increased the size of the offering to 16.6 million shares in response to robust demand. Case, based in Racine, Wis., is the second-largest U.S. farm equipment company and the world's biggest maker of light-duty and medium-sized construction machinery. Tenneco initially sold a 29% stake in the company in June to raise $380 million for acquisitions and investments in new companies.

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