Nabisco Inc

RJR Nabisco Inc. has agreed to sell Heublein Inc. to London-based Grand Metropolitan PLC for $1.2 billion in cash, F. Ross Johnson, president and chief executive officer of RJR, said today. Heublein, based in Hartford, Conn., markets nearly 100 brands of spirits, wines and imported beers. Its major brands include Smirnoff vodka and Inglenook and Lancers wines. Grand Metropolitan has interests in spirits and wines through its subsidiary, International Distillers and Vintners.

Snag in RJR Deal: A North Carolina judge issued a temporary restraining order blocking the record $24.53-billion acquisition of RJR Nabisco Inc. by Kohlberg Kravis Roberts & Co., but RJR Nabisco said the order should have no effect on the planned merger. Forsyth County District Court Judge James Harrill Jr. set an April 17 hearing on a motion by Swiss investors to block the merger. Harrill granted the order in connection with a suit filed in Switzerland that charges the buyout hurt investors by improperly diminishing the value of RJR Nabisco bonds.