Times Staff and Wire Reports

Teledyne Sets Up to $26.8 Million in 'Golden Parachutes': The conglomerate's directors approved the severance pacts, which cover about 260 executives and other employees in the event they're fired due to a change in control at the company, according to a proxy statement Los Angeles-based Teledyne filed with the Securities and Exchange Commission. Teledyne has put itself up for sale to avert an unwelcome $1.2-billion takeover bid from WHX Corp. It isn't unusual for companies to set up such agreements to protect their employees in a takeover situation, especially a hostile one.

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