Weichert buys Prudential D.C. unit
Prudential Preferred Properties of Washington has been acquired by Weichert Realtors, the second-largest real estate company in metropolitan Washington, Weichert officials said yesterday.
Terms of the deal, in which the company will take over 22 Prudential offices with 700 sales agents in Montgomery County, Washington and Northern Virginia, were not disclosed.
The announcement came just weeks after the mid-Atlantic Prudential franchise spun off its three divisions -- Washington, Baltimore and Philadelphia -- into separate entities to make them more competitive and profitable.
The sale of the Washington division has no effect on Prudential Preferred Properties in Baltimore, said company President Carole A. Greenwald-Ryan.
NASD seeks to stop hoarding
The National Association of Securities Dealers Inc. has proposed barring brokerage firms from hoarding shares of companies before they recommend that investors buy the stocks.
Trading stocks prior to the publication of a bullish report "creates an appearance of impropriety that harms the perception of the marketplace," said John Pinto, executive vice president at NASD.
Firms now are prohibited from amassing stock positions in hopes of profiting from a rise in the shares after the publication of a research report. The latest offer would ban these purchases even if a firm is only building an inventory to meet anticipated orders from customers.
UNC reaches credit pact
UNC Inc. said yesterday that it had reached a new credit agreement with First Union Capital Markets Group, a unit of First Union National Bank of North Carolina.
The new pact replaces its existing $90 million, five-year revolving credit agreement.
The Annapolis-based defense contractor said it would use the money for working capital needs and for other general corporate purposes.
French to sell large steelmaker
The French government announced plans yesterday for the sale of Usinor Sacilor, one of the world's largest steelmakers, resuming a privatization program that was interrupted by the recent presidential election.
Shares in Usinor will be put up for sale "in the coming weeks if market conditions permit," the government said. Analysts said Usinor was likely to be valued at about $3.6 billion.
Investor cuts B&D; stake
Newell Co. has cut its stake in Black & Decker Corp. to 8.7 percent, including preferred shares that can be converted into common stock.
Newell sold 1.21 million Black & Decker common shares at $30 to $32.54 a share between May 4 and May 25, according to Securities and Exchange Commission documents filed yesterday.