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AMERICAN FINANCIAL PUBLICLY OFFERS PENN CENTRAL SHARES

 CINCINNATI, July 29 /PRNewswire/ -- The Penn Central Corporation (NYSE: PC) announced a secondary public offering of 4,400,000 shares of Penn Central common stock by American Financial Enterprises, Inc. as selling shareholder (AFEI), at a public offering price of $35.25 per share. Of these shares, 3,900,000 are being offered in the United States and 500,000 internationally. In addition, AFEI has granted an overallotment option to the underwriters for up to 660,000 additional Penn Central shares owned by AFEI. Penn Central will not receive any of the proceeds of the offering.
 The First Boston Corporation, Donaldson, Lufkin & Jenrette Securities Corporation, Salomon Brothers Inc and S.G. Warburg & Co. Inc. are acting as managers for the underwriting syndicate of the U.S. offering. Credit Suisse First Boston Limited, Donaldson, Lufkin & Jenrette Securities Corporation, Salomon Brothers International Limited and S.G. Warburg Securities Ltd. are acting as lead managers of the international offering.
 AFEI is 83 percent owned by American Financial Corporation (AFC). Upon completion of the offering, AFC's beneficial ownership of the 46 million Penn Central shares currently outstanding will be reduced from 51 percent to 41 percent (40 percent if the overallotment option is exercised in full). AFC and AFEI have previously announced that they have no plans to sell additional Penn Central shares and AFEI has stated that it plans to use the proceeds of the offering to reduce debt scheduled to mature later this year.
 This announcement is neither an offer to sell nor a solicitation of an offer to buy the Penn Central 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- 7/29/93
 /CONTACT: Philip A. Hagel, vice president - treasurer, The Penn Central Corporation, 513-579-6600/
 (PC)


CO: The Penn Central Corporation ST: Ohio IN: INS SU: OFR

AR -- CL033 -- 7516 07/29/93 18:36 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
Words:335
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