AEROSPACE

WHX Scales Back Teledyne Proxy Fight: The parent of steelmaker Wheeling-Pittsburgh said it plans to seek two seats instead of eight on the board of Teledyne Inc., the Los Angeles-based conglomerate. WHX Corp., which has already offered to buy the company, increased the cash portion of its takeover bid to $22 a share, or a total of $1.2 billion, from $18 last week. WHX said it is nominating the directors to help ensure Teledyne’s sale, but Teledyne asserted that the two would be “ineffectual.”