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March 21, 1989 | From Associated Press
Pennwalt Corp. dealt a severe blow to an investor group's hostile takeover bid Monday by agreeing to a $1-billion "white knight" buyout by the French government-controlled Societe Nationale Elf Aquitaine. Some analysts said they did not expect any rival bids to top the French oil and chemical company's $132-a-share offer for each of Pennwalt's approximately 8 million common shares outstanding.
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BUSINESS
March 21, 1989 | From Associated Press
Pennwalt Corp. dealt a severe blow to an investor group's hostile takeover bid Monday by agreeing to a $1-billion "white knight" buyout by the French government-controlled Societe Nationale Elf Aquitaine. Some analysts said they did not expect any rival bids to top the French oil and chemical company's $132-a-share offer for each of Pennwalt's approximately 8 million common shares outstanding.
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