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TENNECO TO CONVERT LOANS TO CASE POCLAIN S.A. TO EQUITY IN RESTRUCTURING MOVE

 TENNECO TO CONVERT LOANS TO CASE POCLAIN S.A. TO EQUITY
 IN RESTRUCTURING MOVE
 HOUSTON, June 18 /PRNewswire/ -- Tenneco Inc. (NYSE: TGT) said today that it will participate in a proposed common stock offering of FF 1.2 billion (approximately U.S.$235 million) from Case Poclain S.A., its French-based construction equipment unit.
 This transaction will not require new cash from Tenneco, the company said, because the proceeds from the offering will be used to repay loans between Tenneco and Case Poclain -- in effect, replacing debt with equity.
 The offer will ensure that Case Poclain satisfies French requirements regarding capitalization.
 Shareholders will vote on the proposed common stock offering at a meeting on Aug. 3, 1992.
 -0- 6/18/92
 /CONTACT: Tom Slocum of Tenneco, 713-757-3430/
 (TGT) CO: Tenneco Inc. ST: Texas IN: OIL SU: FNC


TQ -- NY016 -- 1389 06/18/92 09:32 EDT
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Publication:PR Newswire
Date:Jun 18, 1992
Words:146
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