NL Industries said it has rejected an...

NL Industries said it has rejected an offer from a “large financial institution” to buy its chemical business. NL also said it is speeding up plans to separate its chemical and petroleum services operations into two companies . . . The largest-ever merger of public relations firms was completed with the acquisition of Washington-based Gray & Co. Public Communications International by JWT Group Inc. for its public relations subsidiary, Hill & Knowlton . . . Kroger Co. said it is negotiating to sell most of its drug store business to a private group led by Philip E. Beekman, former president of Seagram Co., and several executives of the division’s management . . . Paul Bluhdorn and First Media, an investment banking partnership, said they raised their stake in Berkey, a photographic-equipment distributor, to 12.5% from 8.4%.