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M.A. HANNA PURCHASED WARRANTS HELD BY BRASCAN

 CLEVELAND, Dec. 13 /PRNewswire/ -- M.A. Hanna Company (NYSE: MAH; CHX), an international specialty chemicals company, today purchased warrants for 2.75 million shares of its common stock held by Brascan Limited, Toronto, for U.S. $27.5 million in cash.
 The warrants were issued to Brascan in 1991 as part of the purchase of 7.7 million shares that they had acquired in 1982. The warrants had a strike price of $26.12 and were exercisable through August 1998.
 "The purchase of the warrants eliminates the uncertainty of a potential share issuance and its dilutive effect on earnings per share," said Martin D. Walker, chairman and chief executive officer of M.A. Hanna. "The outstanding warrants resulted in a one cent per quarter dilution of earnings per share in 1993.
 "The Brascan management has provided strong support to Hanna throughout the transition from a natural resources company into a specialty chemicals company," Walker said. "We are pleased that Trevor Eyton and Paul Marshall, who are Brascan directors and officers, will continue as Hanna directors."
 Brascan Limited is a Toronto-based diversified company with more than 77,000 employees operating in the natural resources, utility and financial services sectors. Annual sales were $8 billion in 1992.
 Based in Cleveland, M.A. Hanna's primary businesses are plastic and rubber compounding, color and additive concentrates, distribution of resins and engineered plastic shapes and manufactured polymer products.
 -0- 12/13/93
 /CONTACT: Barb Gould (investors), 216-589-4085, or Andy Opila (media), 216-589-4018, both of M.A. Hanna Company/
 (MAH)


CO: M.A. Hanna Company; Brascan Limited ST: Ohio, Toronto IN: CHM FIN SU:

KL -- CL009 -- 3158 12/13/93 12:21 EST
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Publication:PR Newswire
Date:Dec 13, 1993
Words:277
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