Polly Peck May Sell Part of Del...
From Times Staff and Wire Reports
Polly Peck May Sell Part of Del Monte: Polly Peck International PLC may sell a 40% stake in its San Francisco-based Del Monte fruit and produce business for $400 million, according to reports. The Wall Street Journal said proceeds from a sale could be used to reduce Polly Peck’s $1.58 billion in long-term debt. The London-based Financial Times quoted Polly Peck Chairman Asil Nadir as saying the interest in Del Monte would offered on the New York Stock Exchange. Polly Peck bought Del Monte last year from RJR Nabisco Inc. for $875 million.
