NEW YORK — Tenneco restates '92 earnings
Houston-based Tenneco Inc. restated its 1992 earnings yesterday to reflect more than $1.6 billion in charges for restructuring its Case construction and farm equipment division and for accounting changes. The charges resulted in Tenneco restating its earnings to show a loss of $1.3 billion, or $9.29 a share, in contrast to earnings of $292 million, or $1.92 a share, before the restatement.
Nintendo plans venture in Japan
Nintendo Co. said it will offer satellite video-game service in Japan next year, the Wall Street Journal reported. Nintendo plans to acquire a 19.5 percent interest in Satellite Digital Audio Broadcasting Co. for 782 million yen, or $6.7 million.
Nintendo and Satellite Digital will develop technology to permit home-based Nintendo game computers to gain access to a satellite that can beam simple games directly into customers' homes.
MBNA taps Civiletti, Lerner
MBNA Corp., a former unit of MNC Financial Inc., said yesterday it nominated Benjamin R. Civiletti and Randolph D. Lerner as directors of the Newark, Del.-based credit card company. Each of MBNA's existing directors was also nominated for election, which will be held at the company's April 20 annual meeting.
Mr. Civiletti is managing partner of the Baltimore law firm of Venable, Baetjer and Howard. Mr. Lerner is president of R. D. Lerner Securities Inc.
Westinghouse sells portfolio in bits
Westinghouse Electric Co. said it expects to receive proceeds of at least $400 million "in small bundles" this quarter from piecemeal sales of its financial services portfolio.
Since talks to sell the portfolio in bulk to General Electric's finance subsidiary collapsed Jan. 15, Westinghouse has found other bidders for shopping malls, resort hotels and other real estate the company's troubled financial unit inherited through loan defaults, a spokesman said.
Perelman to boost stake in Marvel
NEW YORK -- Investor Ronald O. Perelman, through his MacAndrews & Forbes Holdings Inc. holding company, plans to boost his stake in Marvel Entertainment Group Inc. through a $25-a-share cash tender offer for up to 11 million common shares.
Mr. Perelman, who originally sold 30 percent of the company in an initial public offering in 1991, plans to purchase the additional 20 percent-stake through his New Marvel Holdings Inc. subsidiary. The unit currently owns 60 percent of Marvel.