West German tire giant Continental AG rejected...
From Times Staff and Wire Reports
West German tire giant Continental AG rejected a merger offer from Italy’s Pirelli SpA but left the door open to further talks . . . Palo Alto-based Watkins-Johnson Co. said it would lay off 150 people, or about 5% of its work force, because of slumping defense electronic sales . . . General Bonding Corp. of Northbrook, Ill., has entered into a definitive agreement to aquire Velobind Inc. of Fremont, Calif., in a $50-million deal.
