Union Carbide and Mitsubishi.

Union Carbide and Mitsubishi of Japan have reached an agreement for the sale of newly issued common stock representing 75% of UCAR International's outstanding shares to a new company formed by Blackstone Capital Partners II Merchant Banking Fund L.P. The transaction values the current equity of UCAR at $820 million. Including the refinancing of UCAR's existing debt, the total value of the transaction is approximately $1.1 billion. UCAR is currently owned in a 50-50 joint venture by UCC and Mitsubishi. UCC will receive $346.5 million in cash proceeds and will retain a 25% equity interest in UCAR. UCAR will redeem for $406 million in cash all of the shares owned by Mitsubishi, which purchased 50% interest in UCAR in 1991. The transaction, which will result in a significant, nonrecurring gain for Union Carbide, is expected to be completed by the end of January 1995, according to the company.