Novell plans to lay off 1,100Novell Inc. said yesterday...


August 25, 1994

Novell plans to lay off 1,100

Novell Inc. said yesterday that it will take a restructuring charge to lay off about 1,100 workers and eliminate duplication in the fourth quarter.

Another 650 job cuts are planned for the first quarter of 1995, dropping the Provo, Utah-based company's work force to about 8,250.

The restructuring follows Novell's $855 million acquisition of WordPerfect Corp. in June, making it the world's third-largest software company.

Toronto firm accepts Barrick bid

The board of Lac Minerals Ltd. agreed yesterday to a "friendly" acquisition by American Barrick Resources Corp. after Barrick sweetened its offer by more than $200 million Canadian ($145 million U.S.), to $2.3 billion ($1.67 billion U.S.), the two Toronto-based firms said.

The deal means that Barrick is the likely victor in the takeover fight for control of Lac, which pitted it against Royal Oak Mines Inc., a smaller mining company based in Vancouver, British Columbia. Royal first made an offer for Lac's shares on July 7.

If it succeeds with its bid for Lac, Barrick would become the world's largest gold producer outside South Africa.

Blockbuster invests in Md. firm

A small Rockville-based multimedia software company has attracted a $3 million investment from Blockbuster Entertainment Corp. and affiliates of Carnival Cruise Lines Inc. and Metromedia Inc., Metromedia announced yesterday.

The Maryland company, ThunderWave Inc., was founded last year to develop technology to improve the quality of digital video transmissions, including hotel video-on-demand systems, in-flight entertainment and video shopping.

Proposed change in savings bonds

The Clinton administration is proposing to slightly reduce the attractiveness of U.S. savings bonds as part of its plan to pay for a new world trade agreement.

The Treasury Department wants to eliminate the guaranteed 4 percent minimum rate paid on Series EE bonds and go entirely to a floating-rate system, congressional aides said

The proposal is one of many revenue-raisers the administration is proposing to offset the $11.5 billion in tariffs expected to be lost during the first five years of the accord negotiated under the General Agreement on Tariffs and Trade.

New tenant for Candler Building

The New York-based Accreditation Board for Engineering and Technology will move to the Candler Building in Baltimore by Oct. 1, the management of the Market Place building said yesterday.


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