Offer for Pennwalt Expires: French oil giant...

Offer for Pennwalt Expires: French oil giant Societe Nationale Elf Aquitaine has ended its $132-a-share offer for Pennwalt Corp. after purchasing 96% of the outstanding shares. The move comes three days after the companies reached an agreement with the Federal Trade Commission that will permit the completion of the $1.05-billion acquisition. Elf Aquitaine plans to merge Pennwalt, a pharmaceutical company, with AC Development Inc., an Elf subsidiary in Stamford, Conn.