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BUSINESS
February 14, 1997 | From Reuters
American General Corp. will acquire USLife Corp., a rival financial services company with major life insurance operations, for $1.8 billion in stock, the companies said Thursday. The planned acquisition comes amid a major consolidation in the life insurance industry and follows weeks of speculation that New York-based USLife might be a takeover candidate. American General, based in Houston, said it would pay $49 worth of its own common stock for each share of New York-based USLife.
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BUSINESS
February 14, 1997 | From Reuters
American General Corp. will acquire USLife Corp., a rival financial services company with major life insurance operations, for $1.8 billion in stock, the companies said Thursday. The planned acquisition comes amid a major consolidation in the life insurance industry and follows weeks of speculation that New York-based USLife might be a takeover candidate. American General, based in Houston, said it would pay $49 worth of its own common stock for each share of New York-based USLife.
BUSINESS
November 22, 1987
James F. Betts has been named president and chief operating officer of USLife Corp., New York. Betts, who previously was a consultant to life insurance companies, also was named a director. Chairman and CEO Gordon E. Crosby Jr. had also held the posts of president and chief operating officer.
BUSINESS
June 12, 1997
Countrywide Credit Industries Inc. will be added to the Standard & Poor's 500-stock index after the close of trading Tuesday, a distinction that could create demand for its stock. The Pasadena-based mortgage company will replace insurer USLife Corp., which is being acquired by American General Corp. for $1.8 billion. Trading activity in Countrywide shares is likely to pick up because mutual funds that mimic the S&P 500--so-called index funds--are required to hold every member in the index.
BUSINESS
April 24, 1997 | From Times Wire Services
Sunbeam Corp. on Wednesday said first-quarter earnings were on track as it continues its sweeping cost-cutting plan designed by Chairman Al Dunlap that halved the company's work force. The maker of Oster blenders, Mixmaster mixers and other small appliances said profit from continuing operations rose to $20.6 million, or 24 cents a share, from $6.7 million, or 8 cents a share, a year earlier. That beat Wall Street expectations of 22 cents a share. Sunbeam shares rose $1.875 to close at $33.
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