Time Warner stock gets boostTime Warner Inc. stock rose...

BUSINESS DIGEST

May 04, 1994

Time Warner stock gets boost

Time Warner Inc. stock rose sharply yesterday on rumors that Seagram Co. Ltd. was about to launch a bid for the company.

The traders said they had heard a $55-a-share bid was coming. Time Warner and Seagram both declined to comment. Canadian beverage giant Seagram has said in the past it is seeking up to 15 percent of Time Warner.

Time Warner stock closed $3.125 higher on the New York Stock Exchange, at $39.25, with traders citing the rumors as the reason for the gain.

Assistant to publisher named

Bruce Barwick has been promoted to vice president and assistant to the publisher of The Baltimore Sun, Publisher and Chief Executive Officer Mary Junck announced yesterday.

Mr. Barwick, 40, has been vice president and chief financial officer for the newspaper company since the beginning of 1993. He will assume an array of strategic responsibilities, including overseeing the development of the company's strategic plan and projects that cross departmental lines, implementing a plan to put immediate improvements into the paper's zoned editions, and representing the company in the business and charitable communities.

Martin completes purchase

Martin Marietta Corp. has completed its previously announced purchase of General Dynamics' space systems division.

The companies agreed in December to the sale of the San Diego-based rocket-building unit for $208.5 million.

The unit, which has 2,200 employees, was renamed Martin Marietta Space Systems and was put under the management of the Bethesda-based company's Denver operation.

RPM plans to buy Rust-Oleum

RPM Inc., a maker of industrial coatings and sealants, announced plans yesterday to acquire Rust-Oleum Corp., which makes rust-resistant paints.

Family-owned Rust-Oleum, which is based in Vernon Hills, Ill., was founded in 1921 and has annual sales of $140 million. It has manufacturing plants in Hagerstown, Pleasant Prairie, Wis., and Tulsa, Okla.

Details of the acquisition were not disclosed.

Ferris, Baker Watts' new office

Ferris, Baker Watts Inc. will open an office in Richmond, Va., next month, the Washington-based brokerage and investment bank announced yesterday.

In addition to offering brokerage services, the company will operate its first Virginia-based public finance division in the Richmond office.

Ferris, Baker Watts has 20 retail offices in the mid-Atlantic, as well as public finance divisions in Baltimore; Charleston, W.Va.; and West Orange, N.J.

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