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October 28, 1998

Two of Japan's largest oil companies, Nippon Oil Co. and Mitsubishi Oil Co., said they will merge, forming Japan's largest petroleum company with a 24% share of the domestic market, to cut costs and counter increased inroads by foreign companies under Japan's newly liberalized oil market.

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Dana Corp., the second-largest U.S. engine parts maker, agreed to buy Federal-Mogul Corp.'s Glacier Vandervell Bearings unit for $430 million in cash to add engine bearings to its expanding product line.

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