O&Y SUBSIDIARY TO SELL ITS SHARES OF SANTA FE PACIFIC
O&Y SUBSIDIARY TO SELL ITS SHARES OF SANTA FE PACIFIC SCHAUMBURG, Ill., June 5 /PRNewswire/ -- Santa Fe Pacific Corp.
(NYSE: SFX) announced today a public offering in which Olympia & York SF Holdings Corp., an indrect wholly owned subsidiary of Olympia & York Developments Limited (O&Y), is selling all of its 32,502,317 shares of Santa Fe Pacific common stock at a public offering price of $12.25 per share.
Of the 32,502,317 Santa Fe Pacific shares to be sold by O&Y in the offering, 26,001,854 shares are being offered in the United States through an underwriting syndicate co-managed by Merrill Lynch & Co., Goldman, Sachs & Co., and Lehman Brothers, and the remaining 6,500,463 shares are being offered internationally through their respective international affiliates. Santa Fe Pacific has granted the underwriters an option to purchase up to 4,875,347 shares to cover over-allotments. Upon completion of the offering, Paul Reichmann and Lionel G. Dodd, who are officers of O&Y and a subsidiary thereof, respectively, will resign their positions as directors of Santa Fe Pacific. Santa Fe Pacific Corp. is a holding company engaged in transportation and mining through its subsidiaries: the Atchison, Topeka and Santa Fe Railway Co., Santa Fe Pacific Pipelines, Inc., and Santa Fe Pacific Minerals Corp. -0- 6/5/92 /CONTACT: Catherine Westpahl of Santa Fe Pacific, 708-995-6273/ (SFX) CO: Santa Fe Pacific Corp.; Olympia & York Developments Limited ST: Illinois IN: TRN SU: OFR
GK -- NY011 -- 7350 06/05/92 09:19 EDT
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|Date:||Jun 5, 1992|
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