Advertisement

Relatives Triple Cummins Holdings: Cummins Engine Co....

Relatives Triple Cummins Holdings: Cummins Engine Co. said relatives of the company’s founders bought more than 1 million Cummins shares from Hanson USA for $72 million, nearly tripling their investment. J. Irwin Miller and his sister, Clementine M. Tangeman, bought 1,043,000 shares of Cummins from the U.S. unit of Hanson PLC and exchanged the shares for $67 million of new Cummins notes. At the same time, Miller, his wife, Xenia, and Tangeman exchanged their remaining 580,269 Cummins shares for new Cummins preferred stock, valued at $37 million. Earlier this month, Britain’s Hanson PLC said it agreed to buy Consolidated Gold Fields PLC for about $5.5 billion.


Advertisement
Advertisement