Owens Illinois Inc

The Toledo, Ohio-based firm agreed to a $3.66-billion takeover proposal from Kohlberg Kravis Roberts & Co., a New York investment firm. Under the agreement, OII Holdings Corp., a company formed by Kohlberg Kravis, will immediately begin a cash offer of $60.50 per share for all Owens-Illinois outstanding common shares and $363 per share for each of its $4.75 convertible preference shares. The merger agreement was subject to 32 million shares being tendered.

* Owens-Illinois Inc., a maker of plastic and glass containers, said it's cutting about 350 jobs, or about 10% of its U.S. work force, as part of a plan to save about $50 million annually. The company said it will cut most of the jobs by offering early-retirement incentives. The announcement came as the company reported a 17.5% decline in third-quarter profit to $63.9 million, or 40 cents a share, on flat revenue of $1.43 billion. The results missed expectations of 43 cents.

* Owens-Illinois Inc., a maker of plastic and glass containers, said it's cutting about 350 jobs, or about 10% of its U.S. work force, as part of a plan to save about $50 million annually. The company said it will cut most of the jobs by offering early-retirement incentives. The announcement came as the company reported a 17.5% decline in third-quarter profit to $63.9 million, or 40 cents a share, on flat revenue of $1.43 billion. The results missed expectations of 43 cents.

A federal judge issued a temporary restraining order Wednesday that blocks a proposed merger of Owens-Illinois Inc. and a Florida-based glass company for up to six weeks. U.S. District Judge Joyce Green granted a request by the Federal Trade Commission for the order after it had been agreed to by attorneys for Toledo, Ohio-based O-I.

A federal judge issued a temporary restraining order Wednesday that blocks a proposed merger of Owens-Illinois Inc. and a Florida-based glass company for up to six weeks. U.S. District Judge Joyce Green granted a request by the Federal Trade Commission for the order after it had been agreed to by attorneys for Toledo, Ohio-based O-I.

Great Northern Nekoosa Corp. said it agreed to acquire the forest products group for $1.15 billion. The unit had been expected to be sold ever since Kohlberg Kravis Roberts & Co., the New York investment firm, acquired Owens-Illinois in a $3.64-billion leveraged buyout in February. Toledo, Ohio-based Owens-Illinois is one of the world's largest packaging concerns. The forest products group had 1986 revenue of $730 million. The unit also operates 21 corrugated box plants.

Owens-Illinois and Brockway Inc. mulled a proposed $744-million merger on Thursday that, if completed, would increase Owens-Illinois' leadership dramatically in the rapidly consolidating glass container industry. Brockway and Owens-Illinois announced jointly in New York that they had negotiated a merger under which Owens-Illinois would pay $60 cash a share for Brockway's 12.4 million common shares outstanding. Shares of Jacksonville, Fla.