National Gypsum receives offerNational Gypsum Co. said...


November 17, 1994

National Gypsum receives offer

National Gypsum Co. said yesterday it received a $940 million buyout offer from Delcor Inc., sending the building products maker's stock soaring.

Delcor Inc., a wholly owned subsidiary of privately held, Charlotte, N.C.-based Golden Eagle Industries Inc., offered $43.50 a share in cash for the gypsum and wallboard maker, which has a plant in Southeast Baltimore.

Charlotte-based National Gypsum's stock rose $12.0625, about 37 percent, to $44.8125 on the Nasdaq system.

Rockefeller Group short on cash

Rockefeller Group Inc., the Japanese-controlled company that owns New York's Rockefeller Center, is short on cash and may not be able to meet mortgage payments, the holder of the mortgage on the Manhattan complex said yesterday.

In a filing with the Securities and Exchange Commission, Rockefeller Center Properties Inc., the real estate investment trust that holds the property's $1.3 billion mortgage, said the group has experienced "significant cash shortfalls," which it expects to continue.

Rockfeller Group is 80 percent owned by Japan's Mitsubishi Estate Co. Ltd. and 20 percent by the Rockefeller family.

Bell Atlantic unit gets network

Bell Atlantic Enterprises International, the global arm of the regional phone company serving Maryland, has reached an agreement in principle with the Brazilian firm Telecomunicacocs Brasileiras S.A. and Fairfax, Va.-based Constellation Communications Inc. to own and operate a low earth orbit satellite system.

The system, called ECCO, would have 12 satellites orbiting the equator to provide mobile and fixed-site telecommunications in more than 100 nations -- mostly developing countries in the world's tropical and subtropical regions.

GM picks marketing executive

General Motors Corp. said yesterday that it had reached outside the auto industry to fill what may be one of the toughest jobs in corporate America: GM's top North American marketing post.

Ronald L. Zarrella, who until this week was president and chief operating officer of Bausch & Lomb Inc., was appointed vice president and group executive of the sales, service and marketing group of GM's core North American operations. GM's selection ended a five-month search.

NationsBank unit names chief

NationsBank Corp. and London-based Gartmore Capital Management announced yesterday that Charles G. Smith IV has been named president and chief operating officer of the newly created Nations Gartmore Investment Management joint venture.

Mr. Smith has been NationsBank's chief investment officer since 1984.

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