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FEDERAL TRADE COMMISSION VOTES TO OPPOSE ALLIANT TECHSYSTEMS/OLIN CORPORATION TRANSACTION

 FEDERAL TRADE COMMISSION VOTES TO OPPOSE ALLIANT TECHSYSTEMS/OLIN
 CORPORATION TRANSACTION
 MINNEAPOLIS/STAMFORD, Conn., Nov. 6 /PRNewswire/ -- Alliant Techsystems (NYSE: ATK) and Olin Corporation (NYSE: OLN) today said the Federal Trade Commission has voted to oppose a transaction involving the exchange of a major portion of Olin's defense businesses for approximately 22 percent of Alliant Techsystems common stock.
 The FTC is expected to request a temporary restraining order to block the transaction.
 The action follows a review of the transaction by the FTC under the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
 Alliant Techsystems and Olin Corporation said they believe the transaction fully complies with federal antitrust laws. The companies said they will vigorously oppose the issuance of a preliminary injunction which would restrain them from closing until the courts have fully judged whether or not the transaction violates the provisions of applicable antitrust laws.
 The companies said they continue to believe strongly that the transaction is a sound strategic response to the need for consolidation to preserve the country's defense industrial base, and will benefit both the U.S. government and the American taxpayer.
 On April 29, Alliant Techsystems and Olin announced an agreement in principle involving the exchange of Olin's Ordnance Division and Physics International Company, including approximately $65 million of debt, for 2.82 million shares of Alliant Techsystems common stock. A definitive agreement was announced on Aug. 5.
 The transaction is subject to approval by Alliant Techsystems shareholders at the company's annual meeting which will be held Nov. 24.
 Alliant Techsystems supplies defense and marine systems to the U.S. government and its allies. The company is headquartered in Edina, Minn., and employs 5,600 people throughout the United States. Sales from continuing operations for the fiscal year ended March 31, 1992, were $1.2 billion.
 Olin Corporation is concentrated primarily in chemicals, materials and metals, defense, sporting ammunition and aerospace. The company is headquartered in Stamford and employs 14,400 people in the United States and abroad. Olin reported 1991 revenues of $2.3 billion.
 -0- 11/6/92
 /CONTACT: Rod Bitz (media), 612-939-2646, or Richard N. Jowett (investors), 612-939-2777, both of Alliant Techsystems; or William Werfelman (media), 203-356-2018, or Richard Koch (investors), 203-356-3254, both of Olin Corporation/
 (ATK OLN) CO: Alliant Techsystems; Olin Corporation ST: Minnesota, Connecticut IN: ARO SU:


KH -- MN002 -- 8033 11/06/92 07:31 EST
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Publication:PR Newswire
Date:Nov 6, 1992
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