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THE CHARTER COMPANY ANNOUNCES TERMINATION OF AGREEMENT IN PRINCIPLE TO SELL OIL OPERATIONS

 THE CHARTER COMPANY ANNOUNCES TERMINATION
 OF AGREEMENT IN PRINCIPLE TO SELL OIL OPERATIONS
 CINCINNATI, April 30 /PRNewswire/ -- The Charter Company's (NYSE: CHR) previously announced agreement in principle to sell its remaining petroleum marketing operations to that group's management has been terminated. Charter will seek other buyers for the operations and is currently discussing the sale of its terminal assets and operations with several interested parties. In any event, Charter will conduct all of its petroleum marketing operations in a normal, ongoing manner while it pursues the sale of such operations.
 Additionally John D. Reeves has been promoted to president of New England Petroleum Corporation, Charter's primary petroleum marketing subsidiary.
 Charter's petroleum marketing operations supply residual fuel oil and other petroleum products to electric utilities and other commercial users, trade petroleum products on the open market, own and operate a petroleum terminal facility located in the Philadelphia/Wilmington area and maintain several terminals and pipelines for third parties.
 Charter also owns 82 percent of Spelling Entertainment Inc. which is engaged in the development, production and worldwide distribution of television series, movies for television and television mini- series. Spelling also distributes feature films in the international market, produces feature films financed and distributed primarily by major studios and licenses music and merchandising rights associated with its television properties.
 Charter's common stock trades on the New York and Pacific Stock Exchanges under the symbol CHR and CHRP, respectively. American Financial Corporation owns 53 percent of Charter's 45.3 million common shares.
 -0- 4/30/92
 /CONTACT: Sandra W. Heimann of The Charter Company, 513-579-2482/
 (CHR) CO: The Charter Company ST: Ohio IN: OIL SU:


LC -- CL013 -- 5145 04/30/92 16:44 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:280
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