Investors near pact with Marriott
A group of the nation's biggest investment institutions is close to an agreement with Marriott Corp. on its proposed restructuring plan, investors in the group said.
The group, a steering committee of institutions that own $500 million of Marriott bonds, includes two of the nation's biggest pension funds, California Public Employees' Retirement System, known as Calpers, and Teachers Insurance & Annuity Association. Investors said they are within days of reaching agreement with Marriott.
Steelworkers reject call for vote
The United Steelworkers of America rejected a call yesterday by Pennsylvania Gov. Robert P. Casey and Rep. John P. Murtha, D-Pa., to have union members vote directly on a labor contract that would cover the former Bethlehem Steel Corp. bar, rod and wire mill.
The union committee of about 22 officials unanimously rejected a contract offer Thursday from Ispat Mexicana S.A. de C.V., which would have covered the operations that include plants at Sparrows point in Baltimore County, Johnstown, Pa., and Lackawanna, N.Y.
Mass. realty firm opens local office
Spaulding & Slye, a Boston-based commercial real estate firm, said yesterday that it has opened its first Baltimore-area brokerage office in a deal designed to help the company serve the needs of Aetna Life & Casualty, a longtime client.
Spaulding & Slye hired four local brokers who had been doing business as Metropolitan Realty Partners in Baltimore, led by E. Hayes Merkert. Mr. Merkert has become a vice president of Spaulding & Slye, which is already a major player in the Washington market.
Strong interest in Sears units
Two Sears, Roebuck and Co. financial services companies, Dean Witter Reynolds Inc. and the Discover Card, found a strong reception from investors for a new stock offering that stands to raise nearly $800 million.
Sears is spinning off the two as part of a restructuring designed to pay off $3 billion in corporate debt and improve the company's retailing business, selling to the public a 20 percent stake in the new venture, Dean Witter, Discover & Co.
Noise Cancellation trial run
Noise Cancellation Technologies Inc. said yesterday that the Societe de Transport de La Communaute Urbaine de Montreal, a Canadian public transit company, would equip two of its buses with electronic mufflers as part of an evaluation program.
Noise Cancellation, which has its research center in Linthicum, is teamed with Walker Manufacturing Co. in the development of mufflers based on electronic noise reduction technology.