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PENN CENTRAL PUBLICLY OFFERS TEJAS SHARES

 CINCINNATI, Nov. 3 /PRNewswire/ -- The Penn Central Corporation (NYSE: PC) announced the secondary public offering of the 1,982,646 shares of Tejas Gas Corporation (Tejas) (NYSE: TEJ) common stock owned by Penn Central at a public offering price of $56.00 per share. The offering is being managed by Merrill Lynch & Co., Dillon, Read & Co. Inc., Donaldson, Lufkin & Jenrette Securities Corporation and PaineWebber Incorporated.
 The net proceeds to Penn Central from the offering, after underwriting discount, will be $106.6 million. Penn Central's pre-tax gain from the sale of the Tejas shares will be approximately $80 million.
 Completion of the sale of the Tejas shares is expected to occur next week.
 This announcement is neither an offer to sell nor a solicitation of an offer to buy the Tejas shares. The offering is made only by means of the Prospectus, copies of which may be obtained from the Prospectus Department of any of the managers.
 Penn Central is engaged primarily in specialty property and casualty insurance.
 -0- 11/3/93
 /CONTACT: Philip A. Hagel, vice president - treasurer, of Penn Central, 513-579-6600/
 (PC TEJ)


CO: The Penn Central Corporation; Tejas Gas Corporation ST: Ohio IN: OIL SU: OFR

BM -- CL008 -- 9996 11/03/93 09:10 EST
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Publication:PR Newswire
Date:Nov 3, 1993
Words:207
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