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Bank Md. takeover advancesBank Maryland Corp. and...


Bank Md. takeover advances

Bank Maryland Corp. and Mason-Dixon Bancshares Inc., parent of Carroll County Bank and Trust Co., said yesterday that their stockholders approved the pending acquisition of Bank Maryland by Mason-Dixon. The previously announced transaction, which awaits final regulatory approval, is expected to be complete in mid-July.

Under terms of the agreement, shareholders of Towson-based Bank Maryland are due to receive $12.81 a share, payable either in cash or Mason-Dixon common stock -- though at least half must be paid in the form of stock. Mason-Dixon, based in Westminster, would have about $700 million in assets after the merger.

Bell Atlantic loses out on Czech bid

Bell Atlantic Corp. lost out on its bid for a foothold in the Eastern European telecommunications market yesterday as the Czech government announced it would sell a 27 percent stake in the national phone company, SPT, to a joint venture of the Dutch and Swiss phone companies.

TelSource, owned by Royal PTT Nederland NV and Swiss Telecom and backed by AT&T; Corp., bid $1.45 billion for the SPT stake. That offer prevailed over bids by Telfar, a joint venture of Bell Atlantic and France Telecom, and Cetel, a partnership of Ameritech Corp. and the German and Danish national phone companies.

Yields fall on 5-year Treasuries

Yields on five-year Treasury notes fell in yesterday's auction to the lowest level in 16 months.

The high yield was 5.91 percent, down from 6.25 percent at the last auction on May 24. It was the lowest rate since five-year notes sold for 5.61 percent on Feb. 24, 1994.

The notes will carry a coupon interest rate of 5 7/8 percent with each $10,000 in face value selling for $9,987.20.

Tumor therapy in clinical trials

Genetic Therapy Inc. said yesterday that it has begun a Phase I/II clinical trial using gene therapy to treat malignant brain tumors in children.

This study is part of the worldwide HS-tk product development program undertaken by the Gaithersburg company and Sandoz Pharma Ltd., under a June 1994 agreement between the companies. The trial is being conducted at St. Jude Children's Research Hospital and LeBonheur Children's Medical Center, both in Memphis, Tenn.

Monsanto to buy Calgene stake

Monsanto Co. signed a letter of intent yesterday to acquire a 49.9 percent stake in Calgene Inc., an agricultural biotechnology firm.

Monsanto said it will provide Calgene $30 million, certain research on fresh produce and oilseeds and its current equity interests and options in Gargiulo LP, a produce grower and shipper with expertise in tomato breeding in Naples, Fla.

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