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The European Community Commission said it has opened an enquiry into allegations that the Soviet Union is dumping mercury on the European market at below-cost prices. The Commission said its decision follows a complaint from EC non-ferrous metals producers that the sales of Soviet mercury were harming their business and threatening jobs in the European industry. According to the complaint, Soviet mercury sales in the EC had risen from zero in recent years to 100 tonnes between August and October last year and threaten to capture 25 pct of the EC market if they continue at the same pace. The industry said the mercury was being sold at more than 40 pct below prices charged by EC producers, forcing them to cut their prices to levels that no longer covered costs. The imports had caused producers heavy financial losses, it said. The Commission said the industry would probably be unable to hold prices at current levels and that any increase would result in loss of sales and jobs. The so-called anti-dumping procedure opened by the Commission will allow all interested parties to state their cases to the authority. REUTER

Deputy oil ministers from six Gulf Arab states will meet in Bahrain today to discuss coordination of crude oil marketing, the official Emirates news agency WAM reported. WAM said the officials would be discussing implementation of last Sunday's agreement in Doha by Gulf Cooperation Council (GCC) oil ministers to help each other market their crude oil. Four of the GCC states - Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Qatar - are members of the Organiaation of Petroleum Exporting Countries (OPEC) and some face stiff buyer resistance to official OPEC prices. Reuter

Saudi Arabian Oil Minister Hisham Nazer reiterated the kingdom's commitment to last December's OPEC accord to boost world oil prices and stabilize the market, the official Saudi Press Agency SPA said. Asked by the agency about the recent fall in free market oil prices, Nazer said Saudi Arabia "is fully adhering by the ... accord and it will never sell its oil at prices below the pronounced prices under any circumstance." Saudi Arabia was a main architect of December pact under which OPEC agreed to cut its total oil output ceiling by 7.25 pct and return to fixed prices of around 18 dollars a barrel. Reuter

Kuwait's oil minister said in a newspaper interview that there were no plans for an emergency OPEC meeting after the recent weakness in world oil prices. Sheikh Ali al-Khalifa al-Sabah was quoted by the local daily al-Qabas as saying that "none of the OPEC members has asked for such a meeting." He also denied that Kuwait was pumping above its OPEC quota of 948,000 barrels of crude daily (bpd). Crude oil prices fell sharply last week as international oil traders and analysts estimated the 13-nation OPEC was pumping up to one million bpd over its self-imposed limits. Reuter

Taiwan plans another round of deep tariff cuts this year to help narrow its trade surplus with the U.S., A senior economic planner said. Wang Chao-Ming, vice-chairman of the council for economic planning and development, told Reuters Taiwan would further reduce import tariffs on 1,700 products sometime in the second half of this year. Cuts of up to 50 pct on those items were made last year and Wang said further cuts would go much deeper. "We have to speed up liberalisation and cut import tariffs faster and more substantially," he said. The United States, Taiwan's main trading partner, has said the island's import tariffs, still ranging from a high of almost 60 pct, were unacceptable. It has criticised the cuts as too selective. Taiwan's trade surplus with the United States hit 13.6 billion dlrs last year. The surplus has boosted foreign exchange reserves to 50 billion dlrs, which Wang said made Taiwan a target for U.S. Protectionism. Wang said the trade surplus and the reserves weakened Taiwan's position in talks with Washington over export quotas, particularly for shoes, textiles and machine tools which are among the island's main export-earners. A special Taiwanese trade delegation leaves for Washington tomorrow to try to renegotiate an agreement signed last year limiting exports of Taiwan textiles. Under the accord, Taiwan's textile export growth was limited to 0.5 pct each year until 1988. Taipei has said it is losing markets to South Korea and Hong Kong which were given more generous terms. REUTER...

Hutchison Whampoa Ltd <HWHH.HK> expects satisfactory profits in 1987 and will pay a higher dividend for the year, chairman Li Ka-shing said. He did not make any specific projections for the company's earnings this year but he said the firm will pay a dividend of not less than 32.5 cents per share after a proposed four-for-one stock split and a one-for-four bonus issue. It paid total dividends of 1.30 dlrs per share last year, equal to 26 cents per share, adjusting for the bonus and share split. Hutchison, which has operations ranging from trading to property and container terminals, earlier reported after-tax profits of 1.62 billion dlrs against 1.19 billion dlrs in 1985. The 1986 total excluded extraordinary gains of 563 mln dlrs, partly from the sale of some of its stake in the South China Morning Post, the leading English language newspaper, compared with 369 mln dlrs the previous year. It said it expects another 277 mln dlr gain in 1987 from the sale of the remaining shares. Li said Hong Kong's property market remains strong while its economy is performing better than forecast with its largely export-led growth. Gross domestic product grew by nearly nine pct last year against an initial government projection of 4.5 pct. But he said Hong Kong's large trade deficit with the U.S. May result in protectionist measures that will adversely affect the British colony. He said all of the company's major operations showed improved results in 1986. Hutchison said earlier it will sell its entire 23.5 pct interest in Hongkong Electric Holdings Ltd <HKEH.HK> to <Cavendish International Holdings Ltd>, itself a spin-off from Hongkong Electric. Under a reorganisation announced separately, Hongkong Electric will spin off all its non-electricity related activities into Cavendish, which will be listed on the local stock exchange. Hongkong Electric shareholders will receive one share in Cavendish for every Hongkong Electric share. Cavendish will buy the 348.2 mln Hongkong Electric shares from Hutchison by issuing 975 mln new shares. The spin-off and the sale of Hongkong Electric shares will give Hutchison a 53 pct stake in Cavendish. Li said the decision to spin-off Cavendish is to relieve Hongkong Electric of public criticism of the power company for making risky investments. But he denied there was pressure from the government for the spin-off. He said Cavendish will have seven billion dlrs of assets and will be almost debt free, with 340 mln dlrs of liabilites. Its major assets are the Hong Kong Hilton Hotel, property development, and interests in Husky Oil Ltd <HYO.TO> of Canada and Pearson Plc <PSON.L> of Britain. REUTER

Scientific Micro Systems Inc said it has acquired Supermac Technology, a rapidly growing supplier of enhancement products and disc drive subsystems for the Apple personal computer market. Scientific Micro said it acquired all the common stock of Supermac in exchange for 1.05 mln shares of its own common stock. The stock closed at 5.50 dlrs bid on Friday. Supermac, a privately held firm based in Mountain View, California, as is Scientific Micro, reported a net profit of 300,000 dlrs on revenue of 9.5 mln dlrs in fiscal 1986. It expects its revenue to approximately double in 1987. Reuter

American Express Co, rumored to be considering a spinoff of part of Shearson Lehman Brothers Inc, said it is studying a range of options for its brokerage unit that could improve Shearon's access to capital and help it meet broadening international competition. In a joint statement, American Express and Shearson said the actions under consideration are an integral part of American Express' worldwide financial services strategy and that the two companies have been having both internal and external discussions on the matters. American Express said no decision has been reached on the strategic options and that it and Shearson could ultimately decide to follow growth plans already in place. Last week, rumors circulated on Wall Street that the financial services giant was considering a spinoff of part of Shearson and there was speculation it may be considering selling a stake to a Japanese firm. Analysts said the speculation also focused on American Express selling 20 pct of the profitable brokerage firm to the public. There was some speculation that American Express had also considered a total spinoff of Shearson, but the plan was considered highly unlikely, analysts said. American Express said in the statement on Sunday that it will not comment on rumors and speculation and a spokesman would not go beyond the statement. The company also remained silent last Thursday and Friday, as rumors drove American Express stock up a total of 5-1/2 dlrs in two days to bring it to a Friday close at 74. It said it issued the statement on Sunday because a similar statement was being circulated to employees. Analysts have been divided on whether it makes sense for American Express to give up a stake in the wholly-owned brokerage, which improved its after-tax earnings by about 50 pct in the last year. Some analysts said American Express may consider spinning off part of Shearson because it is concerned that its stock price does not fully reflect the value of the brokerage firm. Shearson contributed 316 mln dlrs of American Express' 1.25 billion dlr net in 1986. American Express' ambitious plans for international growth may be also enhanced by the added cash that spinning out part of Shearson would bring. Analysts speculated that all of Shearson would have a market value of about 3.5 billion dlrs. To some however, the need for added capital is puzzling. "(American) Express is in a position where they can raise capital if they need to," said Larry Eckenfelder of Prudential-Bache Securities. Analysts said rumors were fed by the reorganization of Shearson management Wednesday. Chief operating officer Jeffrey Lane got the added, previously vacant, post of president. The reorganization also created four new positions for chairmen of Shearson's operating divisions, a move analysts speculated would allow Shearson to be a stand alone company. Analysts, contacted on Sunday said the statement does little to clarify last week's market speculation. It does confirm, however, that the financial services firm, which unsuccessfully attempted to expand Shearson with a major acquisition last year, is looking beyond its own walls for growth and positioning in the global market competition. Late last year, Shearson's takeover offer to the E.F. Hutton Group Inc was rejected by Hutton, and analysts said there had been speculation that Shearson also was rebuffed when it approached another major Wall Street brokerage. Reuter

Ropak Corp said it received and accepted about 456,968 common shares and 527,035 Series A convertible preferred shares of Buckhorn Inc at four dlrs and 5.75 dlrs each respectively in response to its tender offer that expired Friday, and it now owns 34.4 pct of Buckhorn voting power. The company had owned 63,000 common and 25,100 preferred shares before starting the hostile tender. Ropak said it is borrowing the funds needed to buy the Buckhorn shares from its bank lender and will not need to use any funds that another bank had committed to provide under a margin loan. Ropak said it waived minimum acceptance requirements to buy the shares and intends to evaluate a number of possible ways of completing an acquisition of Buckhorn. It said it hopes that Buckhorn's board will reevaluate its position and enter into meaningful negotiations. Reuter

The port of Philadelphia was closed when a Cypriot oil tanker, Seapride II, ran aground after hitting a 200-foot tower supporting power lines across the river, a Coast Guard spokesman said. He said there was no oil spill but the ship is lodged on rocks opposite the Hope Creek nuclear power plant in New Jersey. He said the port would be closed until today when they hoped to refloat the ship on the high tide. After delivering oil to a refinery in Paulsboro, New Jersey, the ship apparently lost its steering and hit the power transmission line carrying power from the nuclear plant to the state of Delaware. Reuter

Penril Corp said it is seeking to sell its Triplett Electrical Instrument Corp subsidiary in Bluffton, Ohio, and Triplett's Alltest division in Hoffman Estates, Ill., as part of a plan to concentrate on its three profitable division and reduce its debt load. The company also said it is evaluating a plan to satisfy its obligations under its 10-7/8 pct subordinated notes but gave no details. Interest on the notes is due today. Penril further said director Clifford L. Alexander Jr. has resigned from the board. It gave no reason. Penril said shareholders at the annual meeting approved the limitation of directors' liability. Reuter

Dale Burdett Inc said it faces damages claims totalling about 420,000 dlrs from the former owners of Burdett Publications Inc. The company said on February 20, 1986, its predecessor Nolex Development Inc acquired Burdett Publications Inc in an exchange of 17 mln common shares for all Burdett Publications shares, but the transaction was not qualified with the California Department of Corporations. As a result, it said, the former Burdett Publications owners have a claim for damages against Dale Burdett as successor to Nolex for one yuear starting January 21, 1987, with the damages measured by the difference in values of shares exchanged plus interest from February 20, 1986. Reuter

New Jersey-based overnight messenger Purolator Courier Corp said it has agreed to be acquired for about 265 mln dlrs by a company formed by E.F. Hutton LBO Inc and certain managers of Purolator's U.S. courier business. Analysts have said that Purolator has been for sale for some time. Purolator announced earlier it was mulling a takeover bid, but analysts wrongly predicted the offer was from another courier company. Hutton LBO, a wholly owned subsidiary of E.F. Hutton Group Inc, will be majority owner of the company. Hutton said the acquiring company, PC Acquisition Inc, is paying 35 dlrs cash per share for 83 pct of Purolator's stock in a tender offer to begin Thursday. The rest of the shares will be purchased for securities and warrants to buy stock in a subsidiary of PC Acquisition, containing Purolator's U.S. courier operations. If all the shares of Purolator are tendered, shareholders would receive for each share 29 dlrs cash, six dlrs in debentures, and a warrant to buy shares in a subsidiary of PC Acquisition containing the U.S. courier operations. Hutton said in the merger shareholders would get 46 mln dlrs aggregate amount of guaranteed debentures due 2002 of PC Acquisition and warrants to buy 15 pct of the common stock of the PC courier subsidiary. Hutton said the company has valued the warrants at two to three dlrs per share. Purolator's stock price closed at 35.125 dlrs on Friday. While some analysts estimated the company was worth in the mid 30s, at least one said it would be worth 38 to 42 dlrs. This follows sales of two other Purolator units. It agreed recently to sell its Canadian Courier unit to Onex Capital for 170 mln dlrs, and previously sold its auto filters business. Purolator retains its Stant division, which makes closure caps for radiators and gas tanks. A Hutton spokesman said the firm is reviewing its options on Stant. Purolator's courier business has been lagging that of its U.S. rivals because of the high price it paid in the past several years to add air delivery to its ground fleet. E.F. Hutton will provide 279 mln dlrs of its funds to complete the transaction. This so-called "bridge" financing will be replaced later with long-term debt most likely in the form of bank loans, Hutton said. Hutton LBO is committed to keeping the courier business, its president Warren Idsal said. "Purolator lost 120 mln dlrs over the last two years largely due to U.S. courier operations, which we believe the management is turning around. We belive it will be a very serious competitor in the future," said Idsal. William Taggart, chief executive officer of U.S. Courier division, will be chief executive officer of the new company. The tender offer will be conditioned on a minimum of two thirds of the common stock being tendered and not withdrawn to the expiration of the offer as well as certain other conditions. The offer will begin Thursday, subject to clearances from the staff of the Interstate Commerce Commission and will expire 20 business days after commencement unless extended. Reuter

Pakistan cotton production during the current crop season (Sept/March) reached 7.7 mln bales of 375 pounds each, up 500,000 from last season, Shafi Niaz, Chairman of the Agricultural Prices Commission, said. Official sources said Pakistan was likely to use 3.4 mln bales of cotton during the current financial year ending June after 2.96 mln in 1985/86 and 2.70 mln in 1984/85. They said consumption would increase due to a rise in demand for cotton yarn in domestic markets and abroad. Pakistan produced 540 mln kilos of yarn in fiscal year 1985/86 and exported 157 mln. The State-owned cotton export corporation was likely to export 3.8 mln bales of cotton during the current fiscal year compared with 3.86 mln last year, cotton traders said. The traders said there would be 1.3 mln bales of cotton carryover this fiscal year compared with just over a mln bales last year. Reuter

Financial Corp of Santa Barbara said it has signed a definitive agreement to purchase Stanwell Financial, the lending operations unit of mortgage banking company <Stanwell Mortgage>, for undisclosed terms. Reuter

<Alcan Aluminiumwerke GmbH>, a subsidiary of Alcan Aluminium Ltd <AL.N> of Canada, said it plans to close its aluminium smelter in Ludwigshafen at the end of June. A spokesman said Alcan was closing the smelter, with annual capacity of 44,000 tonnes and 320 employees, because of high electricity costs and the low world market price of aluminium. Alkan had said earlier this year it would close half the plant's capacity but decided to shut down completely when talks with potential cooperation partners failed, the spokesman said. He declined to name the other companies involved in the talks. REUTER

Parent Company net profit 12.8 mln Swiss francs vs 7.5 mln. Orders received 2.21 billion francs vs 2.61 billion. Sales 2.25 billion francs vs 2.49 billion. Group sales 13.83 billion francs vs 13.88 billion. Group orders 11.03 billion francs vs 13.00 billion. REUTE

<Four Seasons Hotels> said it and <VMS Realty Partners> of Chicago have agreed to purchase the Santa Barbara Biltmore Hotel from Marriott Corp for an undisclosed amount. It said the venture will rename the hotel the Four Seasons Biltmore at Santa Barbara and invest over 13 mln dlrs in improvements on the 228-room property. Reuter

BBC AG Brown Boveri und Cie <BBCZ.Z> said it will omit dividend in 1986 for the second consecutive year. It said it planned to invite shareholders and non-voting stockholders to subscribe to a warrant bond issue of around 150 mln Swiss francs to be made after the June 2 annual meeting. The value of the stock subscription rights should correspond roughly to the dividend of 30 francs per share paid in 1984. The company also plans to issue participation certificates with a par value of 70 mln Swiss francs, from which existing shareholders are excluded. Reuter

Investor David F. La Roche of North Kingstown, R.I., said he is offering to purchase 170,000 common shares of NECO Enterprises Inc at 26 dlrs each. He said the successful completion of the offer, plus shares he already owns, would give him 50.5 pct of NECO's 962,016 common shares. La Roche said he may buy more, and possible all NECO shares. He said the offer and withdrawal rights will expire at 1630 EST/2130 gmt, March 30, 1987. Reuter

Period ended December 31, 1986 Oper shr loss 1.08 dlrs vs loss 84 cts Oper loss 7,700,000 vs loss 1,700,000 Revs 11,800,000 vs 9,800,000 Note: Current shr and net exclude extraordinary gain of 300,000 dlrs or five cts shr, versus extraordinary gain of 200,000 dlrs or four cts shr Reuter

<Senior Engineering Group Plc> said it reached agreement with <Cronus Industries Inc> to acquire the whole share capital of <South Western Engineering Co> for 12.5 mln dlrs cash. This sum is being financed by a term loan. South Western is one of the U.S.'s leading manufacturers of heat transfer equipment, with a turnover of 54.86 mln dlrs and pre-tax profits of 1.72 mln in 1986. Completion of the deal is conditional on approval under U.S. Hart-Scott-Rodino regulations which is expected within 30 days. Some 350,000 dlrs is payable immediately, 12 mln dlrs payable on completion with the balance due by June 30, 1987. Reuter

Cheung Kong (Holdings) Ltd <CKGH.HK> is expecting strong results this year after reporting better than expected profits in 1986, chairman Li Ka-shing said. He did not give a specific earnings projection but he told reporters the firm will pay total dividends of not less than 19 cents a share this year after a one-for-four bonus issue and a four-for-one stock split. The company earlier declared total dividends equal to 15 cents a share for 1986, adjusting for the stock split and bonus issue. Cheung Kong's earnings rose to 1.28 billion H.K. Dlrs in 1986, well above market expectations of 920 mln to one billion dlrs. They compared with profits of 551.7 mln dlrs in 1985. Cheung Kong also reported extraordinary gains of 983.6 mln dlrs mainly from the firm's sale of the Hong Kong Hilton Hotel to Hongkong Electric Holdings Ltd <HKEH.HK> for one billion dlrs. It had gains of 81.3 mln dlrs in 1985. Li attributed the surge in 1986 earnings to a buoyant local property market and substantial increases in contributions from associated companies. "Looking ahead, 1987 should be another year of stability for the property market," Li said. "The growth in (Hong Kong's) exports is expected to stimulate the demand for industrial buildings." Cheung Kong is cash rich and is looking for new projects in the British colony, Li said, noting the firm is interested in a land reclamation project along the Hong Kong harbour and is exchanging views with the government on a proposal to build a second airport. Reuter

Viacom International Inc said it received revised merger offers from <National Amusements Inc> and <MCV Holdings Inc>. The company said the special committee plans to meet later today to review both offers. Viacom said National Amusements' Arsenal Holdings Inc raised the value of its offer for the Viacom shares not held by National Amusements in three areas. National Amusements holds 19.6 pct of Viacom's stock. The cash value of the offer was raised to 42.00 dlrs from the 40.50 dlrs a Viacom share offered February 23 while the value of the fraction of a share of exchangeable preferred being offered was increased to 7.50 dlrs a share from six dlrs. The interest rate to be used to increase the cash value of the merger, if delayed beyond April 30, was raised to nine pct from eight pct and 12 pct after May 31. A Viacom spokesman said the Arsenal Holdings's offer continues to include a 20 pct interest in Arsenal for present Viacom shareholders. Viacom said MCV Holdings, a group which includes the company's senior management and the Equitable Life Assurance Society of the United States, raised the value of its offer by increasing the value of the preferred being offered to 8.50 dlrs from 8.00 dlrs a share and raising the ownership in the new company to be held by present Viacom shareholders to 45 pct from 25 pct. MCV called its previous offer, made February 26, the "final" proposed revision of its agreement with Viacom. Reuter

The French Cereals Intervention Board, ONIC, left its estimate of French 1986/87 (July/June) soft wheat deliveries unchanged from its last forecast at 21.98 mln tonnes. This compared with deliveries of 24.38 mln tonnes in 1985/86 (August/July). Estimated 1986/87 maize deliveries were also left unchanged from ONIC's previous forecast at the beginning of February at 9.91 mln tonnes against 10.77 mln the previous season. Barley deliveries were also unchanged at 6.62 mln tonnes against 7.7 mln in 1985/86. Reuter

Shr 1.19 dlrs vs 1.46 dlrs Net 3,150,185 vs 2,665,284 Revs 27.9 mln vs 24.1 mln Avg shrs 2,653,646 vs 1,826,858 Year Shr 1.45 dlrs vs 1.37 dlrs Net 3,611,802 vs 2,502,443 Sales 62.2 mln vs 52.8 mln Avg shrs 2,489,978 vs 1,826,858 Reuter

<Miller Tabak Hirsch and Co> said it has received an accepted 3,424,729 common shares of Penn Traffic Co in response to its 31.60 dlr per share tender offer that expired Friday, and together with the 380,728 shares it already owned, it now has about 91.8 pct of Penn Traffic. The company said Penn Traffic is expected to hold a special shareholders' meeting later this month to approve a merger into Miller Tabak at the tender price. It said two Miller Tabak representatives will be named to the Penn Traffic board on March Four to serve as the only directors with Penn Traffic president and chief executive officer Guido Malacarne. The company said it received financing for the transaction from First National Bank of Minneapolis and Salomon Inc <SB>. Reuter

Coffee quota talks at the International Coffee Organization council meeting here continued this afternoon, but producers and consumers still had not reached common ground on the key issue of how to estimate export quotas, delegates said. The 54 member contact group was examining a Colombian proposal to resume quotas April 1 under the ad hoc system used historically, with a pledge to meet again in September to discuss how quotas would be worked out in the future, they said. Delegates would not speculate on the prospects for agreement at this time. "Anything could happen," one delegate said. Reuter

Waste Management Corp said its board voted a two-for-one stock split payable April 21, record March 30. In other action, Waste Management directors approved an increase in the quarterly dividend to 18 cts from 14 cts, payable April three, record March 18. Reuter

Porex Technologies Corp said its board declared an initial annual dividend of 10 cts per share, its first payout, payable March 26 to holders of record March 12. Reuter

Davis Water and Waste Industries Inc said its board declared a 33-1/3 pct stock dividend, payable March 23 to holders of record March 12. Reuter

Medco Containment Services Inc said its board declared an initial annual dividend of 10 cts per share, its first payout, payable March 19 to holders of record March 12. Reuter

Pittston Co said it has tentatively agreed to acquire WTC International N.V. in a tax-free exchange of stock. Pittston said it agreed to exchange 0.523 common share for each of the about 8,612,000 WTC common shares outstanding. Pittston said WTC's three principal shareholders, who own 62 pct of its stock, are parties to this agreement. They have granted Pittston the right of first refusal to their shares. WTC has granted Pittston an option to buy WTC shares equal to 18.5 poct of its outstanding stock. The agreement is subject to approval of both boards and WTC shareholders. Pittston said described WTC as a fast growing air freight forwarding company with operations throughout the world. Its revenues totaled nearly 200 mln dlrs in the year ended November 30 and for the quarter ended on that date it earned 1.3 mln dlrs on revenues of 55.8 mln dlrs. Pittston said its Burlington Air Express subsidiary generates about two-thirds of its 450 mln dlrs in annual revenes with its domestic air freight services. Reuter

<SDC Sydney Development Corp>, earlier reporting an increased nine month operating loss, said a cost control review now underway may result in cost reduction and elimination of unprofitable and non-strategic products and services. The company's operating loss for the nine months ended December 31, 1986 increased to 7.7 mln dlrs from a loss of 1.7 mln dlrs in the prior year, it said earlier. Revenues increased by 20 pct to 11.8 mln dlrs from year-earlier 9.8 mln dlrs. Reuter

Shr loss 11 cts Loss 739,146 Revs 11,754,251 Note: initial public listing December, 1986 Reuter

The Bank of England said it had offered borrowing facilities to those discount houses wishing to use them at 1430 GMT. The Bank also said it provided the money market 456 mln stg assistance in the afternoon session bringing its total help so far today to 493 mln stg. This compares with its forecast of a shortage in the system today of around 700 mln stg. The central bank purchased bank bills outright comprising 41 mln stg in band one at 10-7/8 pct 361 mln stg in band two at 10-13/16 pct and 54 mln stg in band three at 10-3/4 pct. Money market dealers said the Bank of England has recently used the offer of borrowing facilities to signal that it does not want to see an early reduction in U.K. Base lending rates. The Bank does this by lending to the discount houses at rates of interest higher than its prevailing money market dealing rates. REUTER

Sight deposits by commercial banks at the Swiss National Bank rose by 3.10 billion Swiss francs to 10.53 billion in the last 10 days of February, the National Bank said. Foreign exchange reserves fell 3.06 billion francs to 30.64 billion. Sight deposits are an important measure of Swiss money market liquidity. The decline in foreign exchange reserves reflected the dismantling of swap arrangements, the National Bank said. Banknotes in circulation rose by 834 mln francs to 24.79 billion while other deposits on call - mainly government funds - fell 1.60 billion francs to 1.04 billion. REUTER

 USDA LIFTS CROSS-COMPLIANCE FOR 1987 CROP OATS REPEAT FROM LATE FRIDAY WASHINGTON, Feb 27 - The USDA said it is lifting the limited cross-compliance requirement for 1987 crop oats. Deputy Secretary Peter Myers said the action was being taken to help alleviate the short supply of oats. Under limited cross compliance, the plantings of other program crops on the farm may not exceed the crop acreage bases of those crops. The lifting of the cross-compliance on oats permits the planting of oats in excess of the oat acreage base without sacrificing eligibility for other crop program benefits. Myers said soybean plantings are expected to decrease as a result of the action on oats, planting of which are expected to increase by two to three mln acres. Reuter 

Oper shr 17 cts vs 25 cts Qtly div 15 cts vs 15 cts prior Oper net 1,522,000 vs 3,501,000 Sales 98.0 mln vs 86.3 mln NOTE: Prior year net excludes loss from discontinued operations of 1,817,000 dlrs. Company said common shares outstanding down significantly to 7,814,000, reflecting retirement of about 5,200,000 shares since start of restructurining in August 1986. Dividend pay April 30, record April 16. Reuter

Oper shr 1.80 dlrs vs 1.46 dlrs Oper net 25.0 mln vs 20.2 mln Sales 1.09 billion vs 996.4 mln Avg shrs 13.9 mln vs 13.8 mln Year Oper shr 3.20 dlrs vs 2.57 dlrs Oper net 44.4 mln vs 35.4 mln Sales 3.87 billion vs 3.43 billion Avg shrs 13.9 mln vs 13.8 mln NOTES: Operating net excludes losses of 12.1 mln dlrs, or 87 cts a share, vs 321,000 dlrs, or two cts a share, in quarter and 6.0 mln dlrs, or 43 cts a share, vs 5.1 mln dlrs, or 37 cts a share, from discontinued operations. This includes provision in latest quarter of 12.2 mln dlrs for closing of Almys Department Store Co. Operating net in latest quarter and year includes 750,000 dlrs charge for restructuring announced in early January Reuter

Qtly div 35 cts vs 35 cts in prior qtr Payable April one Record March 14 Reuter

Diagnostic Retrieval Systems Inc said it has made an offer to acquire, through a wholly owned unit, all outstanding shares of Rospatch Corp's common stock for 22 dlrs a share cash, or about 53 mln dlrs. DRS, a warfare systems producer, said it would make the transaction through a cash tender offer for all, but not less than 51 pct, of Rospatch's outstanding common stock followed by a merger with Rospatch, a labels, high technology and wood producer, at the same purchase price per share. DRS said the deal is subject to approval by the Rospatch board, and the tender offer expires on March 6, 1986. Reuter

The volume of contracts traded on the New Zealand Futures Exchange (NZFE) reached a record 25,559 contracts in February, the International Commodities Clearing House (ICCH) said. The previous high was 22,583 contracts in December 1986. The ICCH said the value of the contracts traded in February was 2.90 billion N.Z. Dlrs. The seven contracts currently traded on the NZFE are: five-year government bonds, the share price index, 90-day bank bills, 90-day prime commercial paper, the U.S. Dollar, crossbred wool, and wheat. Reuter

Whittaker Corp said it will have a gain on the sale of discontinued businesses after any operating losses from the businesses up until the dates of disposition, but it will defer reporting the gain until its restructuring program hsa been substantially completed. The company said in the first quarter ended January 31,m it completed the divestiture of its health maintenance organization operations to Travelers Corp <TIC> , sold its Whittar Steel Strip operations to <DofascoxInc> and sold its equity investment in Bertram-Trojan Inc to an affiliate of <Investcorp>. The company said it has entered into definitive agreements to sell Whittaker General Medical Corp, Bennes MArrel SA of France and Juster Steel Corp as well. The company said to date it has received proceeds of about 90 mln dlrs from divestitures and has used the funds to reduce debt incurred in the repurchase of its common shares. Whittaker today reported first quarter earnings from continuing operations fell to 1,522,000 dlrs from 3,501,000 dlrs a year before. The year-earlier figure excluded a 1,817,000 dlr loss from discontinued operations. Reuter

The Japan Fund Inc said it has received an unsolicited offer from <Sterling Grace Capital Management LP>, acting together with certain other persons and entities, to purchase all the assets of the fund at five pct below its aggregate net asset value. The Japan Find said tne deal is subject to obtaining satisfactory financing and a due diligence review. It added that the proposal has been referred to its Board of Directors for consideration. Reuter

Div 50 won vs 50 won Net profit 6.91 billion won vs 6.10 billion Sales 4,275.4 billion vs 3,801,7 billion Note - Company has set 1987 sales target of 4,800 billion won. Reuter

Div 50 won vs 50 won Net profit 35.4 billion won vs 34.2 billion Sales 4,214.9 billion won vs 3,779.2 bilion Note - company has set 1987 sales target of 5,200 billion. REUTER

Bank of New York Co said it and the management of RMJ Securities Corp have agreed to sell 80 pct of their interests in RMJ Holding Corp to <British and Commonwealth Holdings PLC> and Bank of New York expects to realize a substantial gain on the transaction. RMJ Holding is the holding company for RMJ Securities, a large broker of U.S. government securities and agency obligations Bank of New York owns a majority interest in RMJ Holding and management of RMJ Securities the remainder. Bank of New York said the sale is expected to be completed during the second quarter. It said it and RMJ Securities management will continue to own 20 pct of RMJ Holding for now, but the agreement provides for the sale of that remaining interest to British and Commonwealth over the next six years. Reuter

Corning Glass Works said the exchange ratio for its previously announced acquisition of Hazleton Laboratories Corp has been established at 0.5165 Corning common share for each Hazleton common share. Corning said the prospectus regarding the merger is expected to be mailed tomorrow to all Hazleton holders of record February 18. Hazleton shareholders will vote on the proposed merger at a special meeting on March 31. Reuter

World animal health experts called for a campaign to eradicate the lethal cattle disease Rinderpest in Bangladesh, Bhutan, India, Nepal and Pakistan, a statement from a Food and Agriculture Organization (FAO) meeting here said. Some 230 mln dlrs is needed over two years to vaccinate the entire susceptible cattle population in Bangladesh and Pakistan and high-risk areas of the other three countries. In India some 240 mln cattle are estimated to be at risk from the disease. The experts recommended the campaign be funded mostly by the governments of the five nations, with help from the FAO. Similar campaigns are needed in Egypt, Yemen, Iraq and Iran. Reuter

Turkish retail prices rose 2.7 pct in February after 2.9 pct in January and 1.7 pct in February 1986, the State Statistics Institute said. Prices in the year to February rose 31.6 pct, compared with 30.3 pct in the year to January and 38.8 pct in the 12 months to February 1986. The index (base 1978/79), covering 14 towns and five regions, was 1,886.8 in February, 1,837.2 in January and 1,434.0 in February 1986. REUTER

Bally Manufacturing Corp said it completed the acquisition of the Golden Nugget Casino Hotel in Atlantic City, New Jersey from Golden Nugget Inc. Bally also acquired from Golden Nugget various parcels of real estate in Atlantic City, it noted. The transaction included 140 mln dlrs in cash and stock and the assumption of a 299 mln dlrs mortgage. Reuter

<Consolidated TVX Mining Corp> said it agreed to issue 7.8 mln treasury shares to acquire interests in three gold mining companies in Brazil and an option to increase the company's interest in a platinum property. The company said the transactions will bring immediate production and earnings to Consolidated TVX, enhance its precious metal potential and is expected to improve cash flow and earnings on a per share basis. The company did not give specific figures. Consolidated TVX said it will acquire 29 pct of CMP, a public gold mining company in which TVX already holds a 15 pct interest, making TVX the largest single shareholder. The company also agreed to acquire a 19 pct stake in Novo Astro, a private company, and a 16 pct interest in Teles Pires Mining, increasing the TVX's ownership to 51 pct. In addition, Consolidated TVX said it will acquire the right to add a 10 pct interest to a platinum property in which it already owns a 29.4 pct stake. CMP earned 11 mln Canadian dlrs in 1986 and expects to produce 42,000 ounces of gold in 1987 at a cost of 160 U.S. dlrs an ounce, Consolidated TVX said. Novo Astro operates Brazil's richest gold mine located in Amapa State, with an average grade of 0.8 ounces of gold a ton in a hardrock quartz vein, Consolidated TVX said. Mining of eluvial surface material produced 25,000 ounces in 1986 and is expected to produce 60,000 ounces in 1987. It also said Teles Pires Mining controls rights to a 350 kilometer section of the Teles Pires River, where one dredge is expected to produce 10,000 ounces of gold in 1987. Reuter

Oper shr 17 cts vs 19 cts Oper net 636,000 vs 358,000 Revs 10.6 mln vs 7,024,000 Avg shrs 3,808,000 vs 1,924,000 Year Oper shr 73 cts vs 65 cts Oper net 2,467,000 vs 1,199,000 Revs 31.5 mln vs 22.9 mln Avg shrs 3,372,000 vs 1,785,000 NOTE: Net excludes investment gains 20,000 dlrs vs 86,000 dlrs in quarter and 586,000 dlrs vs 195,000 dlrs in year. 1985 year net excludes 304,000 dlr tax credit. Share adjusted for one-for-two reverse split in November 1985. Reuter

Canada's industrial product price index rose 0.2 pct in January after falling 0.2 pct in each of the two previous months, Statistics Canada said. The rise was led by price gains for papers, pharmaceuticals and petroleum and coal products. Price declines were recorded for meat products, lumber and motor vehicles. On a year over year basis, the federal agency said the index fell 0.9 pct in January, the largest yearly decline on record. Reuter

Shr 22 cts vs 17 cts Net 1,232,000 vs 834,000 Sales 24.1 mln vs 20.9 mln Avg shrs 5,609,000 vs five mln Year Shr 97 cts vs 69 cts Net 4,985,000 vs 3,426,000 Sales 92.4 mln vs 77.9 mln Avg shrs 5,153,000 vs five mln Reuter

Qtly div three cts vs three cts prior Pay April six Record March 20 Reuter

Qtly div from income 5.1 cts vs 3.035 dlrs in prior qtr including capital gains of 2.978 dlrs Payable March 27 Record February 27 Reuter

Shr 35 cts vs 25 cts Net 1,590,000 vs 1,140,000 Revs 32.2 mln vs 23.0 mln YEAR Shr 1.16 dlrs vs 68 cts Net 5,300,000 vs 3,100,000 Revs 110.0 mln vs 85.4 mln Reuter

American Nursery Products Inc said it purchased Miami-based Heinl's Nursery Inc, for undisclosed terms. Heinl's Nursery has sales of about 4.5 mln dlrs and owns 100 acres, of which 75 are in shade houses and about 58,300 square feet cover greenhouses, shipping and office facilities. Reuter

Semi-annual div from income of 7.3 cts vs 1.0 cent in prior period Payable March 27 Record February 27 Reuter

<Multi-Step Products Inc>, earlier reporting an initial six month loss, said it agreed to sell wholly owned Multi-Step Manufacturing Inc for 100,000 dlrs cash, subject to shareholder and regulatory approval. Multi-Step also said it will pay 900,000 dlrs to cancel 711,192 of its own shares, which will be acquired from Michael Penhale and his benficiaries. Penhale will control and manage Multi-Step Manufacturing, following the transactions. Multi-Step had a 739,146 dlr loss for the six months ended December 31. The company received its initial public listing in December. The company said its ladder-making unit has been losing 300,000 dlrs quarterly. The sale, expected to close in April, also calls for retirement of the unit's 400,000 dlr bank debt, Multi-Step said. The unit also has agreed to pay a debt of 400,000 dlrs to Tarxien Company Ltd, which is 40 pct owned by Multi-Step. Multi-Step previously said it agreed to acquire the remaining 60 pct of Tarxien it does not already own. Reuter

Esselte Business Systems Inc's Esselte Meto division said it has acquired the Antonson America Co, a subsidiary of <Antonson Machines AB>, of Sweden. Esselte said the Antonson unit, based in LaPorte, Indiana, manufactures scales and label printers. The company said the purchase is part of a plan to increase the range of retail electronic scales being offered by Esselte in the U.S. It said the acquisition will enble Esselte to increase its distribution base in its effort to grow in the U.S. Reuter

The Federal Reserve is expected to enter the U.S. Government securities market to add temporary reserves, economists said. They expect it to supply the reserves indirectly by arranging a fairly large round, two billion dlrs or more, of customer repurchase agreements. The Fed may add the reserves directly instead via System repurchases. Federal funds, which averaged 6.02 pct on Friday, opened at 6-1/8 pct and traded between there and 6-1/16 pct. Funds are under upward pressure from settlement of recently sold two-year notes and from a Treasury tax and loan call on banks. Reuter

<Four Seasons Hotels Inc> and VMS Realty Partners said they agreed to acquire the Santa Barbara Biltmore Hotel in California from Marriott Corp, for undisclosed terms. Closing was expected by March 31, they added. The companies said they would jointly own the hotel and rename it the Four Seasons Biltmore at Santa Barbara. They said they would spend more than 13 mln U.S. dlrs "to enhance the Biltmore's position as one of the finest resort hotels in North America." Chicago-based VMS Realty is a real estate and development firm. Reuter

Stone Container Corp said it is splitting its common stock 2-for-1 and increasing its dividend 33-1/3 pct. The dividend of 20 cts a share, an increase of five cts over the prior 15 cts a share on pre-split shares, is payable June 12 to holders of record May 22. The stock split also is payable June 12 to holders of record May 22. Reuter

Shr 81 cts vs 57 cts Net 3,660,273 vs 2,437,914 Rev 28.5 mln vs 23.1 mln Six months Shr 29 cts vs 12 cts Net 1,325,755 vs 483,559 Rev 31.7 mln vs 26.4 mln Reuter

Shr loss 20 cts vs profit 96 cts Net loss 499,000 vs profit 2,369,000 Revs 11.5 mln vs 10.3 mln NOTE: Prior year net includes gain on sale of property of 4,557,000 dlrs. Reuter

Talks due today between management and unions to try to end the strike at Cargill U.K. Ltd's Seaforth oilseed crushing plant have been rescheduled for Thursday, a company spokesman said. Oilseed processing at the plant has been halted since December 19 when mill workers walked out in protest at new contract manning levels. Reuter

AMAX Incx said it has identified additional gold and silver ore reserves at its AMAX Sleeper Mine near Winnemucca, Nev.. It said as a result of recent drilling, reserves at thhe mine are now estimated at 2,470,000 short tons of ore grading 0.24 ounce of gold and 0.50 ounce of silver per ton that is treatable by conventional milling techniques. AMAX said additional reserves amenable to heap leaching are estimated at 38.3 mln tons averaging 0.025 ounce gold and 0.24 ounce silver per ton. Further drilling is being conducted, it said. Reuter

A study group said the United States should increase its strategic petroleum reserve to one mln barrels as one way to deal with the present and future impact of low oil prices on the domestic oil industry. U.S. policy now is to raise the strategic reserve to 750 mln barrels, from its present 500 mln, to help protect the economy from an overseas embargo or a sharp price rise. The Aspen Institute for Humanistic Studies, a private group, also called for new research for oil exploration and development techniques. It predicted prices would remain at about 15-18 dlrs a barrel for several years and then rise to the mid 20s, with imports at about 30 pct of U.S. consumption. It said instead that such moves as increasing oil reserves and more exploration and development research would help to guard against or mitigate the risks of increased imports. Reuter

Oper shr profit 36 cts vs loss 1.48 dlrs Oper net profit 1,353,000 vs loss 5,551,000 Revs 11.3 mln vs 8,142,000 Year Oper shr profit 31 cts vs loss 1.58 dlrs Oper net profit 1,165,000 vs loss 5,919,000 Revs 38.0 mln vs 31.6 mln NOTE: Net includes pretax unusual gain 64,000 dlrs vs loss 4,744,000 dlrs in quarter and losses 3,0077,000 dlrs vs 4,744,000 dlrs in year. 1986 items include settlement of patent suit and provision for investment writeoff and 1985 item provision for loss on sale of scale business. 1986 net both periods excludes 400,000 dlr tax credit. Reuter

Shr 1.65 dlrs vs 1.50 dlrs Net 5,370,000 vs 4,901,000 Rev 8.4 mln vs 7.8 mln NOTE: 1986 net gain from property investments 717,000 dlrs, or 22 cts per share, vs 721,000 dlrs, or 22 cts per share. Reuter

Investor Sumner Redstone, who leads one of the two groups vying for control of Viacom International Inc, offered to sweeten his bid for the company by 1.50 dlrs a share cash and 1.50 dlrs in securities. In a filing with the Securities and Exchange Commission, Redstone, who controls Dedham, Mass.,-based National Amusements Inc, a theater chain operator, offered to raise the cash portion of its Viacom offer to 42 dlrs a share from 40.50 dlrs. Redstone also raised the face value of the preferred stock he is offering to 7.50 dlrs from six dlrs. The Redstone offer, which is being made through Arsenal Holdings Inc, a National Amusements subsidiary set up for that purpose, which also give Viacom shareholders one-fifth of a share of Arsenal common stock after the takeover. Viacom said earlier today it received revised takeover bids from Redstone and MCV Holdings Inc, a group led by Viacom management which is competing with Redstone for control of the company and already has a formal merger agreement with Viacom. The company did not disclose the details of the revised offers, but said a special committee of its board would review them later today. The Redstone group, which has a 19.5 pct stake in Viacom, and the management group, which has a 5.4 pct stake, have both agreed not to buy more shares of the company until a merger is completed, unless the purchases are part of a tender offer for at least half of the outstanding stock. The two rivals also signed confidentiality agreements, which give them access to Viacom's financial records provided they keep the information secret. In his SEC filing, Redstone, who estimated his cost of completing the takeover at 2.95 billion dlrs, said Bank of America is confident it can raise 2.275 billion dlrs. Besides the financing it would raise through a bank syndicate, Bank of America has also agreed to provide a separate 25 mln dlr for the limited purpose of partial financing and has committed to provide another 592 mln dlrs, Redstone said. Merrill Lynch, Pierce Fenner and Smith Inc has increased its underwriting commitment to 175 mln dlrs of subordinated financing debt for the Viacom takeover, from the 150 mln dlrs it agreed to underwrite earlier, Redstone said. Redstone said his group would contribute more than 475 mln dlrs in equity toward the takeover. The Redstone equity contribution to the takeover would consist of all of his group's 6,881,800 Viacom common shares and at least 118 mln dlrs cash, he said. The new offer, the second sweetened deal Redstone has proposed in his month-long bidding war with management, also contains newly drawn up proposed merger documents, he said. Last week, the management group submitted what it called its last offer for the company, valued at 3.1 mln dlrs and consisting of 38.50 dlrs a share cash, preferred stock valued at eight dlrs a share and equity in the new company. Redstone's previous offer had been valued at 3.2 billion dlrs. Reuter

Montedison Spa <MONI.MI> said it has concluded its negotiations with Spanish pharmaceuticals company <Antibioticos SA>. A company spokesman told Reuters "We have concluded the talks and we are now awaiting authorization from Spanish authorities." He declined to comment further. Earlier today the Italian company postponed a scheduled press conference on its talks with Antibioticos. An Italian press report today said Montedison has agreed to acquire Antibioticos for 500 billion lire. REUTER

UtiliCorp United Inc said it completed the acquisition of West Virginia Power from Dominion Resources for about 21 mln dlrs. The sale was approved by the West Virginia Public Service Commission in January and became effective March one. West Virginia's management will continue to be responsible for operating the utility, it said. Reuter

French operators last Friday requested licences to export 10,500 tonnes of free market maize, 11,950 tonnes of free market barley and 13,000 of soft wheat flour to non-EC countries, at prefixed daily (droit commun) rebates, French trade sources said. The latest requests for the maize were for export to Switzerland, Austria and Lichtenstein at a maximum daily rebate prefixed last Friday at 141 Ecus a tonne against a previous 20 Ecu daily rebate. The special daily rebate for maize was set in the context of a Commission commitment to grant this season rebates for the export of 500,000 tonnes of French maize to non-EC countries, in compensation for concessions to the U.S. in the recent dispute over grain sales to Spain. If the latest French requests are accepted as expected, this will bring the total of French maize exported in this context to 25,500 tonnes. The Commission last Thursday granted weekly rebates for the sale of 15,000 tonnes of free market maize to non-EC countries. Requests for barley were for export to Switzerland, Austria and Lichtenstein, Ceuta and Melilla at an unchanged pre-fixed restitution of 125 Ecus a tonne, while requests for soft wheat flour were for export to various non-EC countries at an unchanged 178 Ecus a tonne. Reuter

A study group said the United States should increase its strategic petroleum reserve to one mln barrels as one way to deal with the present and future impact of low oil prices on the domestic oil industry. U.S. policy now is to raise the strategic reserve to 750 mln barrels, from its present 500 mln, to help protect the economy from an overseas embargo or a sharp price rise. The Aspen Institute for Humanistic Studies, a private group, also called for new research for oil exploration and development techniques. It predicted prices would remain at about 15-18 dlrs a barrel for several years and then rise to the mid 20s, with imports at about 30 pct of U.S. consumption. The study cited two basic policy paths for the nation: to protect the U.S. industry through an import fee or other such device or to accept the full economic benefits of cheap oil. But the group did not strongly back either option, saying there were benefits and drawbacks to both. It said instead that such moves as increasing oil reserves and more exploration and development research would help to guard against or mitigate the risks of increased imports. Reuter

Union Carbide Corp is looking to acquisitions and joint ventures to aid its chemicals and plastics growth, according the H.W. Lichtenberger, president of Chemicals and Plastics. Describing this as a major departure in the company's approach to commercial development, he told the annual new business forum of the Commercial Development Association "We are looking to acquisitions and joint ventures when they look like the fastest and most promising routes to the growth markets we've identified." Not very long ago Union Carbide had the attitude "that if we couldn't do it ourselves, it wasn't worth doing. Or, if it was worth doing, we had to go it alone," Lichtenberger explained. He said "there are times when exploiting a profitable market is done best with a partner. Nor do we see any need to plow resources into a technology we may not have if we can link up profitably with someone who is already there." He said Carbide has extended its catalyst business that way and is now extending its specialty chemicals business in the same way. Reuter

Bank of America NT and SA's <BAC.N> West German branch said it is negotiating the sale of Bankhaus Centrale Credit AG, a small local West German bank it acquired in 1965, and of its West German Visa credit card operation. Michael Seibel, Bank of America vice-president and regional manager, said the negotiations were proceeding well. He declined to give further details. Bank of America's West German branch lost some 32 mln marks in 1985. The result includes profit and loss transfers from Bankhaus Centrale Credit and the Visa organisation. The sale of the units is part of the bank's worldwide restructuring plan. REUTER

Semi div 13 cts vs 18 cts prior Pay March 13 Record March Two Reuter

Mthly div 4.5 cts vs 4.5 cts prior Pay March 13 Record March Two Reuter

Mthly div 3.6 cts vs 3.6 cts prior Pay March 13 Record March Two Reuter

Mthly div 7.7 cts vs 7.7 cts prior Pay March 13 Record March Two Reuter

Mthly div 7.3 cts vs 7.3 cts prior Pay March 13 Record March Two Reuter

Mthly div six cts vs six cts prior Pay March 13 Record March Two Reuter

The Canadian government is expected to announce later this week its final ruling whether U.S. corn exports to Canada have injured Ontario corn growers, U.S. government and farm group representatives said. The deadline for a final determination is March 7. U.S. officials said they are encouraged by the outcome in a similar case covering European pasta imports. In that case, Canada decided pasta imports, which take about ten pct of the Canadian market, did not injure domestic producers. U.S. corn exports represent only about five pct of the Canadian market. Canada slapped a 1.05 dlrs per bushel duty on U.S. corn imports in November 1986, but reduced the duty to 85 cts last month because the Canadian government said U.S. subsidies to corn producers were less than Canada earlier estimated. Reuter

Qtly div six cts vs six cts prior Pay April 28 Record March 31 Reuter

Dutch port and transport union, FNV, agreed to an employers' request to reconvene abandoned peace talks tonight to try to end strikes that have disrupted Rotterdam's general cargo sector for the past six weeks, a union spokesman said. Talks broke down Thursday when the union walked out after employers tabled their final offer to end the strikes which started January 19 in protest at planned redundancies of 800 from the sector's 4,000 workforce, starting with 350 this year. The employers' invitation to restart the talks comes on the day a deadline set by Minister of Social Affairs Louw de Graaf for a resolution of the dispute expires. De Graaf said if the dispute had not ended by today he would withdraw the 10 mln guilder annual labour subsidy to the sector. No comment was immediately available from the employers' organization. Reuter