Seagram will buy Dole juice
Seagram Co. continued its diversification away from its core alcoholic beverage operations yesterday, saying it would buy the juice business of Dole Food Co. for $285 million in cash.
The acquisition will build the domestic market share of Seagram's Tropicana brand juice subsidiary and extend its global reach.
After the acquisition of Dole, Tropicana will have nearly 16 percent of the U.S. fruit beverage market, according to Beverage Marketing Corp.
Heileman CEOs step down
G. Heileman Brewing Co., the nation's fifth-largest brewer, said William J. Turner and Russell Cleary have stepped down as interim co-chief executive officers.
M. L. "Lou" Lowenkron, a board member who formerly headed beverage maker A&W; Brands Inc., was named president and CEO while the company searches for a permanent successor.
Heileman, which was bought in January 1994 by Hicks, Muse, Tate & Furst Inc., a Dallas investment firm, has a brewery in Halethorpe.
Bidding brisk for PCS licenses
Bidding crept over $2 billion yesterday in the Federal Communications Commission's auction of 99 radio spectrum licenses for a new generation of wireless personal communications services (PCS).
Craig McCaw's ALAACR Communications Inc. submitted the highest bid in the auction yesterday, offering $252.8 million for the single license available in metropolitan New York.
After 24 rounds, GTE Macro Communications Corp. led, with an offer of $40.4 million, for the single Baltimore-Washington license.
Legg Mason buys Batterymarch
Legg Mason Inc. yesterday completed the acquisition of Batterymarch Financial Management, which has about $5 billion in assets under management and $26 million in annual revenues.
Legg said it will pay $54 million in cash immediately to the principals of Batterymarch and up to $6 million more if its revenues reach $28 million this year. Another $60 million in cash and stock could be paid in 1998, depending on the Boston company's 1997 performance.
British Airways slashes fares
British Airways PLC yesterday cut its fares steeply on flights from 18 U.S. cities, including Baltimore, to 42 international destinations.
Among the reduced round-trip fares from Baltimore are London, $398; Tel Aviv, Israel, $683; Nice, France, $572; and Athens, Greece, $619.
The reduced "World Offer" fares are available from Jan. 5 to Jan. 18 on travel commencing Jan. 15 through March 24. All fares are nonrefundable with minimum stay requirements.