Fear of becoming the next RJR Nabisco...

Fear of becoming the next RJR Nabisco probably persuaded several leading U.S. corporations to exchange part of their stock for a new concept called unbundled stock units, Wall Street analysts said. “People have been shook up that a company as large as RJR Nabisco could be taken over,” one said. The units consist of a deeply discounted bond, a share of preferred stock and a certificate that gives the right to purchase a share of common stock. American Express, Dow Chemical, Sara Lee and Pfizer said they would exchange large chunks of their common stock for the new units.