OTHER NEWS - July 4, 1992
From Times Staff and Wire Reports
ITT Wraps Up Sale of Stake in Alcatel: The corporation said it completed the sale of its 30% share in the French firm to joint venture partner Alcatel Alsthom. The New York-based conglomerate said that in return for transferring its 14,048,561 shares in Alcatel, it received $1 billion in cash, plus 9.1 million new shares of Alcatel Alsthom. It will receive an additional $766.8 million in July, 1993, and another $816.6 million a year later. ITT said it will post a $600-million after-tax gain in the third quarter from the transaction.
