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METALLGESELLSCHAFT, METALLBANK CAPITAL JOINT ANNOUNCEMENT

 METALLGESELLSCHAFT, METALLBANK CAPITAL JOINT ANNOUNCEMENT
 NEW YORK, Dec. 23 /PRNewswire/ -- Metallgesellschaft Corp. (MG Corp.) and Metallbank Capital Corp. announced today that they have sold in a private placement to Tiger Management Corporation a total of 5,733,334 special warrants of Ocelot Industries Ltd., which were held as previously announced as an investment position. The special warrants are exercisable without additional consideration into an equal number of common shares of Ocelot.
 The closing of the sale by MG Corp. to Ocelot of MG Corp.'s methanol sales and purchase agreement with Tenneco Methanol and the issuance by Ocelot to MG Corp. of 5,508,796 common shares of Ocelot in payment for the Tenneco agreement was previously announced. As a result of the Tenneco transaction, the anticipated closing in early 1992 of the acquisition by Ocelot of MG Corp.'s 10 percent equity interest in Carribean Methanol Corp. in consideration for additional shares of Ocelot and the anticipated exercise, also in early 1992, of a previously granted option from Verne Lyons, MG Corp. will be the single largest shareholder in Ocelot. MG Corp. intends to remain as the single largest shareholder but does not presently intend to hold more than a 50 percent interest in Ocelot. MG Corp. views Ocelot's methanol business as an important part of MG Corp.'s energy related core business. Ocelot is a Vancouver-based company, active in the manufacture and sale of methanol and ammonia.
 Tiger Management Corporation is a New York-based money management firm headed by Julian H. Robertson, Jr.
 MG Corp. and Metallbank are controlled by Metallgesellschaft AG, the Frankfurt, Germany-based industrial group active in metals and commodities processing and trading, engineering and financial services.
 -0- 12/23/91
 /CONTACT: Patrick Schnitzer of Metallgeseschaft Corp., 212-715-5200/ CO: Metallgesellschaft Corp.; Metallbank Capital Corp.;
 Tiger Management Corporation; Ocelot Industries Ltd. ST: New York IN: MNG SU:


PS -- NY004 -- 4680 12/23/91 07:00 EST
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Publication:PR Newswire
Date:Dec 23, 1991
Words:319
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