Banc One to buy Liberty NationalBanc One Corp. said...

BUSINESS DIGEST

November 04, 1993

Banc One to buy Liberty National

Banc One Corp. said yesterday that it reached an agreement to buy Liberty National Bancorp. Inc. of Kentucky in a stock swap valued at $842 million.

Under the terms of the agreement, Liberty National shareholders will receive $35 worth of Banc One common stock in return for each of their shares held.

Banc One, with assets of $76.5 billion and 78 banks in 12 states, said Louisville-based Liberty National, with assets of $4.7 billion, will join with Banc One's Lexington unit to form Banc One Kentucky Corp.

China to lift coal price controls

China plans to lift most price restrictions on coal by 1994 and lay off 400,000 miners to modernize the industry and rescue it from debt, an official report said yesterday.

According to the China Daily, 77 percent of coal will be sold at market prices by the end of this year. The 400,000 coal miners will be laid off by 1995.

Last year, the government lifted price controls on 20 percent of the nation's coal, closed 19 mines and laid off 280,000 employees.

Progress in United Airlines talks

United Airlines and its pilots and Machinists unions made progress yesterday in talks aimed at giving employees control of the company in exchange for wage and benefit concessions, union sources said.

The negotiations in New York stalled Tuesday in a dispute over the value of the 60 percent stake sought by the International Association of Machinists and the Air Line Pilots Association.

Yesterday, the Machinists told members in a recorded message that "progress is being made toward a settlement."

Insider-trading charges settled

A retired executive agreed to pay $1.6 million to settle insider trading charges that included prominent executives swapping stock tips aboard yachts and at their country estates.

Martin E. Revson is the fourth person to settle civil or criminal allegations in what has been called the biggest insider trading case since the 1980s scandals.

As part of his settlement yesterday with the Securities and Exchange Commission, Mr. Revson, brother of Revlon Inc. founder Charles Revson, neither admitted nor denied guilt.

Treasury announces securities sale

The Treasury Department said yesterday that it will sell $43 billion worth of securities next week in a record two-day flood of debt. It will auction $29 billion of notes and $14 billion of cash management bills to pay off $32.2 billion of notes and bonds that mature on Nov. 15.

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