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DU PONT SELLS STAKE IN CONSOL

 DU PONT SELLS STAKE IN CONSOL
 WILMINGTON, Del., COLOGNE, Germany, Nov. 27 /PRNewswire/ -- Du Pont


(NYSE: DD) and Rheinbraun AG, a subsidiary of RWE AG of Germany, today announced they have reached final agreement under which the German group will acquire a 50 percent interest in Du Pont's Consolidation Coal Company (Consol) and Du Pont's other coal business for cash payments totaling just under $900 million and the contribution of Rheinbraun's U.S. coal interests.
 Rheinbraun's U.S. coal interests are its 24 percent stake in certain coal reserves and associated coal mines located in southwest Pennsylvania, which were acquired from Consol in 1981.
 After the restructuring and sale, which is expected to be completed prior to year-end, Du Pont will have realized a $1.2 billion cash flow benefit after taxes and expenses. The company said it expects to record a one-time gain upon closing of about 20 cents per share.
 As indicated when preliminary agreement on the joint venture was announced in March, Consol's operations and marketing direction are not expected to be affected by the ownership change, and the headquarters will remain in Pittsburgh. It is anticipated that B.R. Brown will be elected chairman and continue as president and chief executive officer.
 Du Pont is a diversified, global company with manufacturing and processing facilities in 40 countries on six continents. It had sales of $40 billion in 1990. Du Pont's coal businesses had sales of $1.8 billion and after-tax operating income of $213 million.
 Rheinbraun is a major producer in Germany of lignite, with sales in 1990 of approximately DM 3 billion ($1.9 billion). Its parent company, RWE AG, is a leading European holding company with diverse interests in electricity generation, mining, oil, gas and chemicals, construction, machinery and engineering, and waste management. In fiscal year 1990, it had sales of more than DM 44 billion ($27 billion).
 /delval/
 -0- 11/27/91
 /CONTACT: Clinton C. Archer of Du Pont, 302-774-6661, or Dr. Peter Kausch of Rheinbraun, 011-49-221-480-2204/
 (DD) CO: Du Pont; Rheinbraun AG; Consolidation Coal Company ST: Delaware IN: CHM MNG SU: RCN


KA -- PH004 -- 7626 11/27/91 08:54 EST
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Publication:PR Newswire
Date:Nov 27, 1991
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