Jury Convicts Former Head Of Guinness;3 Others Also Found Guilty in Takeover

After nearly a week of deliberations, the jury returned guilty verdicts on 19 of 20 counts against former Guinness chairman and chief executive officer Ernest Saunders; Gerald Ronson, chairman of Heron International PLC; former stockbroker Anthony Parnes; and millionaire financier Sir Jack Lyons. The four were accused of orchestrating an illegal operation to support Guinness’s stock price through undisclosed purchases of Guinness shares, and thus make the brewer’s $5.18 billion offer of cash and stock more attractive than a rival bid from supermarket operator Argyll Group PLC. Guinness succeeded in April 1986 in what was then Britain’s largest takeover. In December of that year, the Department of Trade and Industry announced it was investigating, and Saunders was arrested in May 1987. Other arrests followed.
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Sue Leeman

Full text: [The Washington Post (pre-1997 Fulltext)] Aug 28, 1990

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Japanese economy should weather turmoil Tokyo market’s downturn not indicator of country’s health, analysts say

“Recent consumption has not been just by a small rich class but has been broadly based,” said Toshiaki Kakimoto, chief economist at Sumitomo Bank Ltd. “It’s not affected by falling stock prices, but by things such as employment and income.”
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Full text: [The Globe and Mail] Aug 28, 1990

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Taking stock of oil issues

“The (prices of) oil stocks really are anticipating oil prices in the $25-to-$27-a-barrel range over the long term,” said Brian Posner, an oil analyst for Fidelity Investments in Boston. He said the stock prices reflect investor sentiment that last week’s oil prices above $30 a barrel were too high. Futures traders on the New York Mercantile Exchange settled on $26.91-a-barrel oil Monday. “It’s very difficult to really understand what’s going on right now other than to say that the political uncertainty in the Middle East has made the situation very volatile,” Posner said. “I look for a very tight suppply of oil in the fourth quarter of 1990 and the first quarter of 1991,” he said. “The fundamentals (of oil stocks) are much improved with oil prices up at this level. Even if oil comes down some more, prices in the mid-$20s (per barrel) are still way above what expectations were not too long ago.
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HELEN HUNTLEY

Full text: [St. Petersburg Times] Aug 28, 1990

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Tokyo market alters rules after battering

The effect of the changes, reported to brokerage houses Thursday, will be to limit program trading by tightening restrictions on the trading of index futures and to permit brokerage houses to exert more influence over individual stock prices. First, the Tokyo stock exchange decided to slow the speed at which stock index futures contracts can decline. Previously, the contract on the Nikkei 225-stock index could fall as much as 90 points every five minutes. Under the new rule, it can fall 50 points every 10 minutes, or every 15 minutes under certain circumstances.
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Full text: [Star Tribune] Aug 28, 1990

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4 found guilty in Guinness’ takeover of Scottish distiller

The jury returned guilty verdicts on 19 of 20 counts against Ernest Saunders, former chairman and chief executive officer of Guinness; Gerald Ronson, chairman of Heron International PLC; former stockbroker Anthony Parnes, and millionaire financier Sir Jack Lyons. The four were accused of orchestrating an illegal operation to support Guinness’ stock price through undisclosed purchases of Guinness shares and thus make the brewer’s $5.18 billion offer of cash and stock more attractive than a rival bid from supermarket operator Argyll Group PLC.
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Full text: [Star Tribune] Aug 28, 1990

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World Stocks Climb; Tokyo Index Gains 4%

”The market should soon bottom out as it has already absorbed all the current negative factors,” said Toyoharu Tsutsui, managing director at CS First Boston (Japan) Ltd. Frankfurt’s 30-share DAX index staged its biggest one-day rise on record, closing up 95.76 points, or 6.1 percent, at 1,654.80. Yesterday’s rise all but wiped out a fall of 106.70 points on the DAX last week. In Paris, the CAC-40 index of leading shares soared 82.30 points, or 5.1 percent, to 1,699.72 in moderate trading. Dealers said big gains came from foreign buying and short-covering after last week’s sharp drop.
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Reuters

Full text: [New York Times] Aug 28, 1990

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Dow Gains 78.71 Points, To 2,611.63

”I don’t think that everybody got up at 7 A.M. and decided to be bullish at the same time,” he said. ”To a great extent, most of the activity was related to program trading and professional activity and not to euphoric optimism the way Wall Street characterized it.” Mr. [Jack Barbanel] said that even with the 50-point circuit breakers, ”there’s still enough professional activity in the market” to lift it until it gets to that limit. Traders said heavy buying came both from private investors and from the big financial institutions. Much of it appeared concentrated in the safe, blue-chip ”big name” stocks, traders said, but the rise in the Standard & Poor’s index of 500 stocks showed that buying was widespread.
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COLE, ROBERT J.

Full text: [New York Times] Aug 28, 1990

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4 Guilty in Guinness Takeover Scandal

After nearly a week of deliberations, the jury at Southwark Crown Court returned guilty verdicts on 19 of 20 counts against former Guinness Chairman and Chief Executive Ernest Saunders; Gerald Ronson, chairman of Heron International PLC; former stockbroker Anthony Parnes, and millionaire financier Sir Jack Lyons. Saunders, 54, was convicted of two charges of conspiracy to contravene the Prevention of Fraud (Investments) Act, eight charges of false accounting and two charges of theft. He was acquitted of illegally destroying documents. The four were accused of orchestrating an illegal operation to support Guinness’ stock price through undisclosed purchases of Guinness shares, and thus make the brewer’s $5.26-billion (2.7-billion-pound) offer of cash and stock more attractive than a rival bid from supermarket operator Argyll Group PLC.
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Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 28, 1990

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DEVALUATION RUMORS BOOST STOCK PRICES

The foreign currency buying spree brought the shekel exchange rate down to NIS 2.03 to the dollar, a 0.69 per cent reduction in its value. The shekel also lost 0.81 per cent against the currency basket; the exchange rate now stands at 2.2736.
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By GALIT LIPKIS and ZIV HELLMAN

Full text: [Jerusalem Post] Aug 28, 1990

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Biggest rally of the year/Stock prices rocket 78 points

Additionally, over the weekend Iraq freed more than 50 dependents of staff members assigned to the U.S. Embassy in Kuwait. “We all went away with the news of the embassies being surrounded (in Kuwait), but they (the Iraqis) didn’t move in,” said Yamaichi International portfolio strategist Andrew Riley. “It was really predictable that eventually we would have a sharp rally from a deeply oversold condition,” said Joseph Feshbach, chief technical analyst at Shearson Lehman Bros. “A little good news can give a very sharp snap, but I think in four, five or six weeks we’ll see a retest of the lows.” Newmont Gold dropped 4 3/4 to 47, ASA Ltd. fell 4 3/8 to 48 1/8, Newmont Mining fell 3 5/8 to 47, AMAX Inc. lost 2 1/8 to 16 3/4, Homestake Mining slipped 2 1/8 to 19 3/4, Echo Bay Mines dropped 1 3/8 to 12 7/8, and Pegasus Gold fell 1 1/4 to 11 3/8.
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CHRISTINA TOH-PANTIN

Full text: [Houston Chronicle (pre-1997 Fulltext)] Aug 28, 1990

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Ex-chief guilty in Guinness case Jury finds stock-price manipulation in Distillers deal

Former Guinness PLC Chairman and Chief Executive Ernest Saunders and three co-defendants were found guilty Monday on 19 of 20 counts of misconduct in connection with the $5 billion-plus takeover of a Scottish distiller. A jury that deliberated for nearly a week convicted Saunders, 54, on two charges of conspiracy to contravene the Investment Fraud Act, eight charges of false accounting and two charges of theft. He was acquitted of illegally destroying documents.
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Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 28, 1990

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Ebb in consumer confidence found

Americans, increasingly worried about the economy and pessimistic about the future, are demonstrating the lowest consumer confidence since the nation was recovering from recession more than seven years ago, a business group said Monday. The Conference Board’s Consumer Confidence Index fell dramatically to 83.8 in August from 101.7 in July. The index, based on a 1985 level of 100, is based on monthly surveys of 5,000 U.S. households. “Recession is more likely now than it has been in many years,” said Fabian Linden, executive director of the non-profit group’s Consumer Research Center. August’s level is the lowest the index has sunk since April, 1983, just five months after the economy hit its weakest level during the 1982 recession. The nearly 18-point drop in August was even greater than the fall recorded immediately after the October, 1987, stock market crash. Guinness ex-chairman convicted: A jury convicted four of Britain’s best-known business executives Monday for their roles in an illegal scheme to help brewing giant Guinness win a 1986 takeover battle. Ernest Saunders, former Guinness chairman and chief executive, was found guilty of conspiracy, false accounting and theft. Portrayed in testimony as a ruthless dealmaker, he appeared in the witness box a sad and broken man. He was accused, along with three other key figures, of illegally trying to push up the Guinness stock price – making it appear a stronger suitor in its successful $5.26 billion battle for Scottish drinks company Distillers.
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Full text: [Chicago Sun - Times] Aug 28, 1990

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Markets Force More Banks to Private Equity

With capital ratios under pressure and rock-bottom stock prices making the markets unreceptive to public offerings, a number of large to mid-size banks are mulling the unpleasant prospect of raising equity privately.
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Vogelstein, Fred

Full text: [American Banker] Aug 28, 1990

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Tokyo Stocks Advance Amid Firmness in Bonds And Plunge in Oil Prices; London Also Climbs —- A Wall Street Journal News Roundup

Tokyo stocks finished higher for the third consecutive trading day Tuesday. Buying was encouraged by bond market firmness and oil price plunges linked to the prospect that an immediate break-out of war will be averted in the Persian Gulf, traders said. As a strong overnight advance on the New York Stock Exchange lifted sentiment, Tokyo stock prices advanced solidly from early in the morning session. But prices fluctuated widely in the plus side for the rest of the day as broad gains led by dealer buying prompted profit-taking by institutions, traders said. The second section index, which advanced 49.05 points Monday, was up 88.55 points, or 2.46%, to 3692.34. Volume in the second section was estimated at 10 million shares, up from 7.2 million Monday.
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Full text: [Wall Street Journal] Aug 29, 1990

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Stock Prices End Mixed; Bonds Fall

Stock prices turned mixed as investors groped for reasons to extend the rally on Aug 28, 1990. The Dow Jones Industrial Average rose 3.22 points in very light trading to 2614.85.
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Winans, Christopher

Full text: [Wall Street Journal] Aug 29, 1990

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Stock Prices End Mixed; Bonds Fall — Dow Advances 3.22 In Very Light Trade; Yen Continues Rally

Stock prices turned mixed as investors groped for reasons to extend the rally of Friday and Monday. Bond prices fell, also in light activity, with a rebound in oil prices disappointing investors. The dollar was mixed, as the yen continued to attract buyers. “After two big up days,” said Paul Hennessey, head of equities trading at Boston Co., “the market responded pretty well. The low volume indicates a lot of people are either away or cautious, awaiting more certainty on the Mideast situation or economic numbers.” August’s employment report, due at the end of next week, offers an early sign of U.S. economic strength after the Mideast upheaval began.
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By Christopher Winans

Full text: [Wall Street Journal] Aug 29, 1990

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Former Guinness Chairman Is Sentenced to Five-Year Term for Role in Takeover

By British standards, the sentences given to Ernest Saunders, 55 years old, and two of his co-defendants were unusually stiff and signaled tougher policing of London’s financial community, legal specialists said. The trial judge, Justice Sir Denis Henry, said the sentence sends “a clear message that those who seek commercial advantage by acting dishonestly can expect little leniency from the court.” The sentencing of Mr. Saunders and the two others closed a chapter in the longest-running British financial scandal of the 1980s. The case, with its three-year investigation and 113-day trial, helped prompt new laws to regulate practices in British boardrooms and brokerage houses. Mr. Saunders’ crime, according to the verdict Monday, occurred during the British spirits company’s #2.53 billion ($4.92 billion) takeover in 1986 of Scottish rival Distillers Co. To win the takeover battle, Mr. Saunders allegedly conspired to inflate his company’s stock price. Prosecutors said he authorized payments to three co-defendants, one of whom bought #25 million worth of Guinness stock. Supporting the stock’s price was important to Guinness’s takeover victory because the value of its offer for Distillers was tied to the price of Guinness’s shares.
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Forman, Craig

Full text: [Wall Street Journal] Aug 29, 1990

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BUSINESS BRIEFS INTERNATIONAL

He had been found guilty Monday on several counts in a scheme to help the Guinness PLC brewing firm win the 1986 takeover fight for Distillers Co. Also Tuesday, the former chairman and chief executive of Guinness PLC, Ernest Saunders, 55, was sentenced to five years in prison for his role in the scandal. The scheme involved an effort to support Guinness’s stock price by buying shares to give Guinness’s stock-and-cash offer for Distillers a better chance of beating a rival offer from Argyll Group PLC.
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Full text: [The Plain Dealer] Aug 29, 1990

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Court levies $10M fine in Guinness case

He had been found guilty Monday on several counts in a scheme to help the Guinness PLC brewing firm win the 1986 takeover fight for Distillers Co. Also Tuesday, the former chairman and chief executive of Guinness PLC, Ernest Saunders, 55, was sentenced to five years in prison for his role in the scandal. The scheme involved an effort to support Guinness’s stock price by buying shares to give Guinness’s stock-and-cash offer for Distillers a better chance of beating a rival offer from Argyll Group PLC.
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Full text: [The Ottawa Citizen] Aug 29, 1990

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Bohemia says analysts misrepresented company Officials assure shareholders of financial strength but also warn of tough times ahead PAGE:D9

CAUTION FOLLOWS RALLY. Stock prices rose modestly Tuesday as Wall Street – its eyes trained on the Middle East and the oil markets – decided to play it safe following a 78.71-point rally Monday. Analysts said traders were unwilling to make large commitments, so prices fluctuated in a narrow range. The Dow Jones average of 30 industrial stocks edged up 3.22 points to 2,614.85. Jack Barbanel, an analyst with First Global Management Inc., said Tuesday’s trading made him “very suspect” about Monday’s rally. CONTINENTAL PICKS HOUSTON. Continental Airlines on Tuesday announced it will build its $190-million aircraft maintenance center as part of a world headquarters complex at Houston Intercontinental Airport. Several airports, including Tampa International, had competed for the repair facility, which will employ 4,000 people and have maintenance bays for 12 airliners. Tampa officials withdrew from the competition in July. The headquarters building will consolidate Continental’s offices and 4,000 employees from Houston, where it is based. UAW CHOOSES GM. The United Auto Workers union will focus national contract bargaining on General Motors Corp., the world’s largest and most profitable automaker, union officials said Tuesday. Contracts between the union and the Big Three automakers expire Sept. 14. Under pattern bargaining, the union will negotiate with GM until it reaches an agreement, and then use that as a model in negotiating with Ford Motor Co. and Chrysler Corp. GM’s new chairman, Robert Stempel, is seen as likely to try to avoid a strike during his first months in office. UNITED LOSES RULING. United Airlines promised Tuesday to comply with a federal judge’s order to make changes in schedules at Chicago’s O’Hare International Airport. American Airlines went to court Monday to press for the changes, contending United’s proposed schedule was misleading. U.S. District Judge John McBride ordered the change the same day. American said United schedules starting Oct. 1 reflect not-yet-approved deviations from federal guidelines on takeoffs and landings at O’Hare.
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KATHLEEN MONJE

Full text: [The Oregonian] Aug 29, 1990

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