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( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN study ) ) ( PP ( IN of ) ( NP ( NP ( CD 250 ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS richest ) ( NNS companies ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( VBD found ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( QP ( RB only ) ( CD seven ) ) ) ( VP ( VBD managed ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( S ( VP ( VBG paying ) ( NP ( JJ federal ) ( NN income ) ( NNS taxes ) ) ) ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( FRAG ( FRAG ( NP-SBJ ( CD 40 ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1986 ) ) ( NP ( NP ( DT the ) ( JJ last ) ( NN year ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ old ) ( NN tax ) ( NNS rules ) ) ( VP ( VBD were ) ( PP-PRD ( IN in ) ( NP ( NN effect ) ) ) ) ) ) ) ) ) ) ( CC and ) ( FRAG ( NP-SBJ ( CD 16 ) ) ( PP-TMP ( IN in ) ( NP ( NP ( CD 1987 ) ) ( SBAR ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ new ) ( NN tax ) ( NNS provisions ) ) ) ) ( VP ( VBD went ) ( PP ( IN into ) ( NP ( NN effect ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a study of 250 of the nation 's richest companies the group found that only seven managed to avoid paying federal income taxes last year compared with 40 in 1986 the last year the old tax rules were in effect and 16 in 1987 when some of the new tax provisions went into effect

( S ( ADVP ( RB Moreover ) ) ( NP-SBJ-2 ( NP ( CD 41 ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD paid ) ( NP ( DT no ) ( JJ federal ) ( NN income ) ( NN tax ) ) ( PP-TMP ( PP ( IN from ) ( NP ( CD 1981 ) ) ) ( PP ( IN through ) ( NP ( CD 1985 ) ) ) ) ( PRN ( PP ( IN despite ) ( NP ( NP ( NNS billions ) ) ( PP ( IN of ) ( NP ( NP ( NNS dollars ) ) ( PP ( IN of ) ( NP ( NNS profits ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD ended ) ( PRT ( RP up ) ) ( S ( VP ( VBG paying ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( CD 27.9 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN income ) ) ) ) ) ) ( PP ( IN in ) ( NP ( JJ federal ) ( NNS taxes ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) )

Moreover 41 companies that paid no federal income tax from 1981 through 1985 despite billions of dollars of profits ended up paying an average of 27.9 % of their income in federal taxes in 1988

( S ( NP-SBJ ( DT The ) ( NN report ) ) ( S-ADV ( VP ( VBN released ) ( NP-TMP ( NN yesterday ) ) ) ) ( VP ( VBZ comes ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ special ) ( NN tax ) ( NNS breaks ) ) ) ) ( SBAR-TMP ( NP-ADV ( QP ( RB only ) ( CD three ) ) ( NNS years ) ) ( IN after ) ( S ( NP-SBJ ( DT the ) ( JJ sweeping ) ( JJ tax-revision ) ( NN legislation ) ) ( VP ( VBD abolished ) ( CC or ) ( VBD curtailed ) ( NP ( JJ many ) ( NNS loopholes ) ) ) ) ) ) ) ) ) ) )

The report released yesterday comes as Congress is considering a number of special tax breaks only three years after the sweeping tax-revision legislation abolished or curtailed many loopholes

( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ corporate ) ( NN realm ) ) ) ( NP-SBJ ( DT the ) ( CD 1986 ) ( NN law ) ) ( VP ( VP ( VBD abolished ) ( NP ( DT the ) ( JJ investment-tax ) ( NN credit ) ) ) ( VP ( VBD scaled ) ( PRT ( RP back ) ) ( NP ( NP ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN accounting ) ( NN method ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD allowed ) ( S ( NP-SBJ ( JJ large ) ( NNS contractors ) ) ( VP ( TO to ) ( VP ( VB defer ) ( NP ( NNS taxes ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-1 ( DT a ) ( NN project ) ) ( VP ( VBD was ) ( VP ( VBN completed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD strengthened ) ( NP ( NP ( DT the ) ( JJ so-called ) ( JJ alternative ) ( JJ minimum ) ( NN tax ) ) ( NP ( NP ( DT a ) ( NN levy ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB ensure ) ( SBAR ( S ( NP-SBJ ( DT all ) ( JJ money-making ) ( NNS businesses ) ) ( VP ( VBP pay ) ( NP ( DT some ) ( JJ federal ) ( NN tax ) ) ) ) ) ) ) ) ) ) ) ) ) )

In the corporate realm the 1986 law abolished the investment-tax credit scaled back use of an accounting method that allowed large contractors to defer taxes until a project was completed and strengthened the so-called alternative minimum tax a levy to ensure all money-making businesses pay some federal tax

( S ( NP-SBJ ( NP ( DT The ) ( NN combination ) ) ( PP ( IN of ) ( NP ( NP ( JJR lower ) ( NNS rates ) ) ( CC and ) ( NP ( JJR fewer ) ( NNS loopholes ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN meant ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ so-called ) ( JJ average ) ( JJ effective ) ( NN tax ) ( NN rate ) ) ( PRN ( NP ( NP ( DT the ) ( NN rate ) ) ( VP ( ADVP ( RB actually ) ) ( VBN paid ) ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 250 ) ( NNS corporations ) ) ( VP ( VBN surveyed ) ) ) ) ) ( VP ( VBN reached ) ( NP ( CD 26.5 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( FRAG ( NP ( CD 14.3 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS years ) ) ( PP ( PP ( IN from ) ( NP ( CD 1981 ) ) ) ( PP ( IN through ) ( NP ( CD 1985 ) ) ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NN study ) ) ) ) ) ) )

The combination of lower rates and fewer loopholes has meant that the so-called average effective tax rate the rate actually paid of the 250 corporations surveyed reached 26.5 % in 1988 compared with 14.3 % in the years from 1981 through 1985 according to the study

( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNS corporations ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG shouldering ) ( NP ( NP ( DT a ) ( JJR bigger ) ( NN share ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN tax ) ( NN burden ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS authors ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1986 ) ( NN law ) ) ) ) ( VP ( VBD hoped ) ) ) ) ) ) )

In addition corporations are now shouldering a bigger share of the tax burden as the authors of the 1986 law hoped

( S ( S-TPC-1 ( NP-SBJ ( JJ Corporate ) ( NNS taxes ) ) ( VP ( VBD paid ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB almost ) ( CD 12 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ federal ) ( NN spending ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( PRN ( PP ( VBG excluding ) ( NP ( NNP Social ) ( NNP Security ) ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( FRAG ( NP ( QP ( JJR less ) ( IN than ) ( CD 8 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN half ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS 1980s ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN study ) ) ( VP ( VBD found ) ) )

Corporate taxes paid for almost 12 % of federal spending in 1988 excluding Social Security compared with less than 8 % in the first half of the 1980s the study found

( S ( S-TPC-1 ( NP-SBJ ( NN Tax ) ( NN reform ) ) ( VP ( VBZ is ) ( VP ( VBG working ) ) ) ) ( NP-SBJ ( DT the ) ( NN study ) ) ( VP ( VBD said ) ) )

Tax reform is working the study said

( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( JJ new ) ( JJ tax-reform ) ( NN law ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS days ) ) ( PP ( IN of ) ( NP ( JJ widespread ) ( JJ wholesale ) ( JJ corporate ) ( NN tax ) ( NN avoidance ) ) ) ) ( VP ( VBP have ) ( VP ( VBN come ) ( PP-DIR ( TO to ) ( NP ( DT an ) ( NN end ) ) ) ) ) )

Under the new tax-reform law the days of widespread wholesale corporate tax avoidance have come to an end

( S ( S-TPC-1 ( ADVP ( RB Still ) ) ( NP-SBJ ( NP ( NNP Kroger ) ( NNP Co. ) ) ( NP ( NNP Pinnacle ) ( NNP West ) ( NNP Capital ) ( NNP Corp. ) ) ( NP ( NNP CSX ) ( NNP Corp. ) ) ( NP ( NNP Illinois ) ( NNP Power ) ( NNP Co. ) ) ( NP ( NNP Media ) ( NNP General ) ( NNP Inc. ) ) ( NP ( NNP Santa ) ( NNP Fe ) ( NNP Southern ) ( NNP Pacific ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Gulf ) ( NNP States ) ( NNP Utilities ) ( NNP Co. ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB pay ) ( NP ( DT any ) ( JJ federal ) ( NN income ) ( NN tax ) ( JJ last ) ( NN year ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD garnered ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.2 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS profits ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN group ) ) ( VP ( VBD said ) ) )

Still Kroger Co. Pinnacle West Capital Corp. CSX Corp. Illinois Power Co. Media General Inc. Santa Fe Southern Pacific Corp. and Gulf States Utilities Co. did n't pay any federal income tax last year although they garnered a total of 1.2 billion in profits the group said

( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NP ( CD six ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS companies ) ) ) ) ( VP ( VBD received ) ( NP ( NP ( NNS refunds ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD totaled ) ( NP ( QP ( CD 120 ) ( CD million ) ) ) ) ) ) ) ) )

In fact six of those companies received refunds which totaled 120 million

( S ( NP-SBJ-1 ( DT The ) ( NN lobbying ) ( NN group ) ) ( VP ( VBD used ) ( NP ( ADJP ( RB publicly ) ( JJ available ) ) ( NN information ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB calculate ) ( NP ( NP ( NP ( DT each ) ( NN company ) ( POS 's ) ) ( JJ domestic ) ( NNS profits ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ federal ) ( NN income ) ( NN tax ) ( NNS payments ) ) ) ) ) ) ) )

The lobbying group used publicly available information to calculate each company 's domestic profits and its federal income tax payments

( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ fifth ) ( NN year ) ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Citizens ) ) ( PP ( IN for ) ( NP ( NNP Tax ) ( NNP Justice ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN released ) ( NP ( NP ( DT a ) ( NN study ) ) ( PP ( IN on ) ( NP ( JJ corporate ) ( NN tax ) ( NNS bills ) ) ) ) ) ) ) ) ) ) )

This is the fifth year Citizens for Tax Justice has released a study on corporate tax bills

( S ( NP-SBJ ( NP ( JJR Earlier ) ( NNS reports ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD revealed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 73 ) ) ( NNS companies ) ) ( VP ( VBD were ) ( VP ( VBG avoiding ) ( NP ( NN income ) ( NN tax ) ) ( ADVP-MNR ( RB legally ) ) ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN credited ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG helping ) ( S ( VP ( VB galvanize ) ( NP ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB overhaul ) ( NP ( DT the ) ( NN tax ) ( NN code ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Earlier reports which revealed that as many as 73 companies were avoiding income tax legally have been credited with helping galvanize efforts to overhaul the tax code

( S ( S-TPC-1 ( CC But ) ( SBAR-ADV ( RB even ) ( IN though ) ( S ( NP-SBJ ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG paying ) ( NP ( JJR more ) ( NNS taxes ) ) ) ) ) ) ( NP-SBJ ( JJ many ) ) ( VP ( VBP are ) ( ADVP ( RB still ) ) ( VP ( VBG paying ) ( NP ( NP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT the ) ( JJ statutory ) ( NN rate ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN report ) ) ( VP ( VBD said ) ) )

But even though companies are paying more taxes many are still paying less than the statutory rate the report said

( S ( CC And ) ( NP-SBJ ( CD 45 ) ( NNS companies ) ) ( VP ( VBD paid ) ( NP ( NP ( JJ effective ) ( NN tax ) ( NNS rates ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN below ) ( CD 10 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN income ) ) ) ) ) ) ) )

And 45 companies paid effective tax rates of below 10 % of their income

( S ( S-TPC-1 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( JJ overall ) ( NN picture ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ encouraging ) ) ) ) ) ( NP-SBJ ( JJ significant ) ( JJ corporate ) ( NN tax ) ( NN avoidance ) ) ( VP ( VBZ continues ) ) ) ( NP-SBJ ( DT the ) ( NN study ) ) ( VP ( VBD said ) ) )

While the overall picture is very encouraging significant corporate tax avoidance continues the study said

( S ( NP-SBJ ( NNP Glenn ) ( NNP Hall ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Glenn Hall contributed to this article

( S ( NP-SBJ ( NNP Cie. ) ( NNP de ) ( NNP Navigation ) ( NNP Mixte ) ( NNP Chairman ) ( NNP Marc ) ( NNP Fournier ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN board ) ) ( ADVP-MNR ( RB unanimously ) ) ( VP ( VBD rejected ) ( PP-CLR ( IN as ) ( ADJP ( RB too ) ( JJ low ) ) ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 1.77 ) ( CD billion ) ) ) ( NN bid ) ) ( PP ( IN by ) ( NP ( NNP Cie. ) ( NNP Financiere ) ( NNP de ) ( NNP Paribas ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB bring ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 66.7 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) )

Cie. de Navigation Mixte Chairman Marc Fournier said his board unanimously rejected as too low the 1.77 billion bid by Cie. Financiere de Paribas to bring its stake in Navigation Mixte to 66.7 %

( S ( PP-LOC ( IN At ) ( NP ( DT a ) ( NN news ) ( NN conference ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD accused ) ( NP-1 ( NNP Paribas ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN takeover ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG selling ) ( NP ( NP ( NNS parts ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ) ( SBAR ( WHNP-4 ( WP$ whose ) ( NNS interests ) ) ( S ( VP ( VBP include ) ( NP ( NP ( NN insurance ) ) ( NP ( NN banking ) ) ( NP ( NN tuna ) ( NN canning ) ) ( NP ( NN sugar ) ) ( CC and ) ( NP ( NN orange ) ( NN juice ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

At a news conference Mr. Fournier accused Paribas of planning to pay for the takeover by selling parts of the company whose interests include insurance banking tuna canning sugar and orange juice

( S ( NP-SBJ ( DT The ) ( NN chairman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ his ) ( NN board ) ( NNS members ) ) ( PP ( VBG including ) ( NP ( NP ( NNS representatives ) ) ( PP ( IN of ) ( NP ( NP ( JJ West ) ( JJ German ) ( NN insurance ) ( NN giant ) ( NNP Allianz ) ( NNP AG ) ) ( CC and ) ( NP ( JJ French ) ( NNS banks ) ( NNP Credit ) ( NNP Lyonnais ) ( CC and ) ( NNP Societe ) ( NNP Generale ) ) ) ) ) ) ) ( VP ( VBP hold ) ( NP ( NP ( QP ( RB nearly ) ( CD 50 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( NN capital ) ) ) ) ) ) ) ) )

The chairman said his board members including representatives of West German insurance giant Allianz AG and French banks Credit Lyonnais and Societe Generale hold nearly 50 % of Navigation Mixte 's capital

( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN as ) ( NP ( NNP Navigation ) ( NNP Mixte ) ( NN chairman ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBN prohibited ) ( PP ( IN by ) ( NP-LGS ( NN takeover ) ( NNS regulations ) ) ) ( PP ( IN from ) ( S-NOM ( VP ( VP ( VBG organizing ) ( NP ( PRP$ his ) ( JJ own ) ( NN defense ) ) ) ( CC or ) ( VP ( VBG doing ) ( NP ( NP ( NN anything ) ) ( PP ( IN besides ) ( S-NOM ( VP ( VBG managing ) ( NP ( JJ current ) ( NN company ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Fournier said that as Navigation Mixte chairman he is prohibited by takeover regulations from organizing his own defense or doing anything besides managing current company business

( S ( CC But ) ( NP-SBJ ( NNS sources ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBG urging ) ( NP-1 ( PRP$ his ) ( NNS allies ) ) ( S ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NP ( PRP$ their ) ( NNS stakes ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN traded ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB resume ) ( S ( VP ( VBG trading ) ( PP-LOC ( IN in ) ( NP ( NNP Paris ) ) ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But sources said he will be urging his allies to boost their stakes in Navigation Mixte which is being traded in London and is to resume trading in Paris Tuesday

( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NP ( ADJP ( JJ legal ) ( CC and ) ( JJ regulatory ) ) ( NNS means ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG blocking ) ( CC or ) ( VBG delaying ) ( NP ( NP ( NNP Paribas ) ( POS 's ) ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) )

At the same time he is expected to seek legal and regulatory means of blocking or delaying Paribas 's bid

( S-2 ( PP-TMP ( IN For ) ( NP ( DT the ) ( NN moment ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNS sources ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN decided ) ( PP-CLR ( IN against ) ( S-NOM ( VP ( VP ( VBG seeking ) ( NP ( DT a ) ( JJ white ) ( NN knight ) ) ) ( CC or ) ( VP ( VBG organizing ) ( NP ( NP ( DT a ) ( NN counterbid ) ) ( PP ( IN for ) ( NP ( NNP Paribas ) ) ) ) ) ) ) ) ) ) )

For the moment the sources said he has decided against seeking a white knight or organizing a counterbid for Paribas

( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( CD 1989 ) ( ADJP ( JJ unconsolidated ) ( CC or ) ( NN parent-company ) ) ( NN profit ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( QP ( CD 4.7 ) ( CD billion ) ) ( NNS francs ) ) ( PRN ( NP ( QP ( CD 754.4 ) ( CD million ) ) ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( QP ( CD 633.8 ) ( CD million ) ) ( NNS francs ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Fournier said Navigation Mixte 's 1989 unconsolidated or parent-company profit is likely to be 4.7 billion francs 754.4 million up from 633.8 million francs last year

( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB due ) ( PP ( ADVP ( RB mostly ) ) ( TO to ) ( NP ( NP ( NNS payments ) ) ( PP ( IN from ) ( NP ( NNP Allianz ) ) ) ( PP ( IN for ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN stake ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN agreed ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ) ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( NN insurance ) ( NN business ) ) ) ) ) ) ) ) ) ) ) )

That is due mostly to payments from Allianz for most of the 50 % stake it has agreed to acquire in Navigation Mixte 's insurance business

( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ exceptional ) ( NN gain ) ) ( VP ( MD would ) ( VP ( VB mean ) ( NP ( NP ( ADJP ( QP ( RB nearly ) ( RB twice ) ) ( RB as ) ( JJ high ) ) ( DT a ) ( NN dividend ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-1 ( IN as ) ( NP ( JJ last ) ) ) ) ) ) ) ) )

Mr. Fournier said the exceptional gain would mean nearly twice as high a dividend this year as last

( S-2 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( NNS holders ) ) ( VP ( VBP avoid ) ( S ( VP ( VBG tendering ) ( PP-CLR ( TO to ) ( NP ( NNP Paribas ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB expect ) ( NP ( NP ( JJ strong ) ( NNS dividends ) ) ( ADVP ( RB again ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) )

If holders avoid tendering to Paribas he added they can expect strong dividends again next year

( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD 20 ) ( NNS years ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN built ) ( NP ( PRP$ his ) ( NN company ) ) ( PP-MNR ( IN through ) ( NP ( JJ astute ) ( NN stock-market ) ( NN activity ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN warded ) ( PRT ( RP off ) ) ( NP ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NN takeover ) ( NNS attempts ) ) ) ) ) ) ) ) )

Analysts noted that over the past 20 years Mr. Fournier has built his company through astute stock-market activity and has warded off at least three takeover attempts

( S ( NP-TMP ( DT This ) ( NN time ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD could ) ( VP ( VB face ) ( NP ( DT a ) ( JJ real ) ( NN battle ) ) ) ) ) ) ) )

This time however some analysts think he could face a real battle

( SINV ( S-TPC-2 ( PP ( IN Without ) ( NP ( DT some ) ( JJ unexpected ) ( FW coup ) ( FW de ) ( FW theatre ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB see ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( MD will ) ( VP ( VB block ) ( NP ( DT the ) ( NNP Paribas ) ( NN bid ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Philippe ) ( NNP de ) ( NNP Cholet ) ) ( NP ( NP ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN brokerage ) ( NNP Cholet-Dupont ) ( CC & ) ( NNP Cie ) ) ) ) ) )

Without some unexpected coup de theatre I do n't see what will block the Paribas bid said Philippe de Cholet analyst at the brokerage Cholet-Dupont & Cie

( S ( NP-SBJ ( NNP Mr. ) ( NNP de ) ( NNP Cholet ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Fournier ) ( POS 's ) ) ( JJS biggest ) ( NN hope ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( ADVP-MNR ( RB somehow ) ) ( VP ( VB persuade ) ( NP-2 ( JJ regulatory ) ( NNS authorities ) ) ( S ( VP ( TO to ) ( VP ( VB block ) ( NP ( DT the ) ( NN bid ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. de Cholet said Mr. Fournier 's biggest hope was to somehow persuade regulatory authorities to block the bid

( S ( S ( NP-SBJ ( NNP Paribas ) ) ( ADVP ( RB still ) ) ( VP ( VBZ needs ) ( NP ( NP ( DT the ) ( NN go-ahead ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( FW Commission ) ( FW des ) ( FW Operations ) ( FW de ) ( FW Bourse ) ) ( NP ( DT a ) ( NN government ) ( JJ regulatory ) ( NN agency ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT that ) ) ( VP ( VBZ is ) ( VP ( VBN considered ) ( S ( ADJP-PRD ( RB likely ) ) ) ) ) ) ) ) ) )

Paribas still needs the go-ahead from the Commission des Operations de Bourse a government regulatory agency but analysts said that is considered likely

( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Navigation ) ( NNP Mixte ) ) ( VP ( VBD joined ) ( NP ( NP ( NP ( NNP Paribas ) ( POS 's ) ) ( NN core ) ) ( PP ( IN of ) ( NP ( NNS shareholders ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNP Paribas ) ) ( VP ( VBD was ) ( VP ( VBN denationalized ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ holds ) ( NP ( NP ( QP ( RB just ) ( IN under ) ( CD 5 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Paribas ) ( POS 's ) ) ( NNS shares ) ) ) ) ) ) ) ) ) )

Mr. Fournier also noted that Navigation Mixte joined Paribas 's core of shareholders when Paribas was denationalized in 1987 and said it now holds just under 5 % of Paribas 's shares

( S-2 ( SBAR-TMP ( SBAR ( RB Once ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD realized ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Paribas ) ( POS 's ) ) ( NNS intentions ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ friendly ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( CC but ) ( SBAR ( IN before ) ( S ( NP-SBJ-1 ( DT the ) ( NN bid ) ) ( VP ( VBD was ) ( VP ( VBN launched ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD sought ) ( NP ( NN approval ) ( S ( VP ( TO to ) ( VP ( VB boost ) ( NP ( PRP$ his ) ( NNP Paribas ) ( NN stake ) ) ( PP-DIR ( IN above ) ( NP ( CD 10 ) ( NN % ) ) ) ) ) ) ) ) )

Once he realized that Paribas 's intentions were n't friendly he said but before the bid was launched he sought approval to boost his Paribas stake above 10 %

( S ( S ( NP-SBJ ( DT The ) ( NN petition ) ) ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( ADJP-PRD ( JJ pending ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD downplayed ) ( NP ( NP ( DT the ) ( NN likelihood ) ) ( PP ( IN of ) ( S-NOM ( NP-SBJ ( PRP$ his ) ) ( VP ( VBG organizing ) ( NP ( NP ( DT a ) ( NN takeover ) ( NN bid ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( JJ own ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ much-larger ) ( NNP Paribas ) ) ) ) ) ) ) ) ) ) )

The petition is still pending but Mr. Fournier downplayed the likelihood of his organizing a takeover bid of his own for the much-larger Paribas

( S ( NP-SBJ ( CD One ) ( JJ big ) ( NN question ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ likely ) ( NN role ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Fournier ) ( POS 's ) ) ( NNS allies ) ) ) ) ) )

One big question now is the likely role of Mr. Fournier 's allies

( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP Fournier ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ large ) ( NNS institutions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP hold ) ( NP ( NP ( QP ( RB nearly ) ( CD 50 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( NN capital ) ) ) ) ) ) ) ) ( RB all ) ( ADVP-MNR ( RB strongly ) ) ( VP ( VB support ) ( NP ( PRP him ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB so ) ( JJ sure ) ) ) ) ) ) ) )

Mr. Fournier said the large institutions that hold nearly 50 % of Navigation Mixte 's capital all strongly support him but some analysts said they are n't so sure

( S ( NP-SBJ ( NNP Allianz ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBZ has ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( JJ official ) ( NNS comments ) ) ) ( ADVP-TMP ( RB so ) ( RB far ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB remain ) ( ADJP-PRD ( JJ neutral ) ) ) ) ) ) ) ) )

Allianz for example has said in official comments so far that it will remain neutral

( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NNP Allianz ) ( POS 's ) ) ( JJ lead ) ( JJ French ) ( NN bank ) ) ) )

Paribas is Allianz 's lead French bank

( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBD said ) ( NP-TMP ( NNP Monday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB bid ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 66.7 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( CD 18.7 ) ( NN % ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ owns ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Paribas said Monday that it intends to bid to boost its stake in Navigation Mixte to 66.7 % from the 18.7 % it already owns

( S ( NP-SBJ-1 ( NP ( DT The ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ additional ) ( ADJP ( CD 48 ) ( NN % ) ) ( NN stake ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB cost ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 11 ) ( CD billion ) ) ( NNS francs ) ) ( PRN ( NP ( QP ( CD 1.77 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

The purchase of the additional 48 % stake is expected to cost more than 11 billion francs 1.77 billion

( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VP ( VB offer ) ( NP-2 ( NP ( CD 1,850 ) ( NNS francs ) ) ( PRN ( NP ( CD 296.95 ) ) ) ( NP-ADV ( DT each ) ) ) ( PP-CLR-3 ( IN for ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( NNS shares ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP enjoy ) ( NP ( JJ full ) ( NN dividend ) ( NNS rights ) ) ) ) ) ) ) ) ( CC and ) ( VP ( NP=2 ( NP ( CD 1,800 ) ( NNS francs ) ) ( NP-ADV ( DT each ) ) ) ( PP-CLR=3 ( IN for ) ( NP ( NP ( DT a ) ( NN block ) ) ( PP ( IN of ) ( NP ( NNS shares ) ) ) ( VP ( VBN issued ) ( NP-TMP ( NNP July ) ( CD 1 ) ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB receive ) ( NP ( ADJP ( RB only ) ( JJ partial ) ) ( NNS dividends ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Paribas says it will offer 1,850 francs 296.95 each for Navigation Mixte shares that enjoy full dividend rights and 1,800 francs each for a block of shares issued July 1 which will receive only partial dividends this year

( S ( ADVP ( RB Alternatively ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( CD three ) ( NNP Paribas ) ( NNS shares ) ) ( PP-CLR ( IN for ) ( NP ( CD one ) ( NNP Navigation ) ( NNP Mixte ) ( NN share ) ) ) ) ) ) ) )

Alternatively it is to offer three Paribas shares for one Navigation Mixte share

( S ( NP-SBJ ( DT The ) ( NNP Paribas ) ( NN offer ) ) ( VP ( VBZ values ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ( PP-CLR ( IN at ) ( NP ( QP ( RB about ) ( CD 23 ) ( CD billion ) ) ( NNS francs ) ) ) ( PP ( VBG depending ) ( PP ( IN on ) ( SBAR-NOM ( WHNP-1 ( WHNP ( WRB how ) ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( NNP Navigation ) ( NNP Mixte ) ( POS 's ) ) ( NNS warrants ) ) ) ) ( S ( VP ( VBP are ) ( VP ( VBN converted ) ( PP-CLR ( IN into ) ( NP ( NNS shares ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN takeover ) ( NN battle ) ) ) ) ) ) ) ) ) ) )

The Paribas offer values Navigation Mixte at about 23 billion francs depending on how many of Navigation Mixte 's warrants are converted into shares during the takeover battle

( S ( NP-VOC ( NNP Dick ) ( NNP Darman ) ) ( VP ( VB call ) ( NP ( PRP$ your ) ( NN office ) ) ) )

Dick Darman call your office

( SINV ( VP-TPC-1 ( VBN Embedded ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN budget ) ) ( VP ( VBG being ) ( VP ( VBN concocted ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP House-Senate ) ( NN conference ) ( NN committee ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ-2 ( NP ( NN something ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBZ looks ) ( VBZ smells ) ( CC and ) ( VBZ waddles ) ( PP-MNR ( IN like ) ( NP ( DT a ) ( NN duck ) ) ) ) ) ) ) )

Embedded in the budget being concocted by the House-Senate conference committee is something that looks smells and waddles like a duck

( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( JJ nuisance ) ( NN tax ) ) ( PP ( IN on ) ( NP ( NNS mergers ) ) ) ) ) )

It 's a nuisance tax on mergers

( S ( NP-SBJ-1 ( NNP Congress ) ) ( VP ( VBZ has ) ( VP ( VBN decided ) ( S ( VP ( TO to ) ( VP ( VB raise ) ( NP ( QP ( CD 40 ) ( CD million ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG charging ) ( NP ( NNS companies ) ) ( NP ( CD 20,000 ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN honor ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG filing ) ( NP ( NP ( DT the ) ( JJ required ) ( NNS papers ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NNP Hart-Scott-Rodino ) ( NN law ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Congress has decided to raise 40 million by charging companies 20,000 for the honor of filing the required papers under the Hart-Scott-Rodino law

( S ( PP-TMP ( RB Ever ) ( IN since ) ( NP ( NP ( DT the ) ( JJ bad ) ( NNS days ) ) ( PP ( IN of ) ( NP ( S-TTL ( NP-SBJ ( JJ Big ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ Bad ) ) ) ) ( JJ antitrust ) ( NN enforcement ) ) ) ) ) ( NP-SBJ ( DT this ) ( NN law ) ) ( VP ( VBZ has ) ( VP ( VBN required ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN anyone ) ) ( VP ( VBG proposing ) ( NP ( DT a ) ( NN merger ) ) ) ) ( VP ( MD must ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( NN filing ) ) ( VP ( VBG describing ) ( NP ( NP ( DT the ) ( NNS effects ) ) ( PP ( IN on ) ( NP ( DT all ) ( JJ relevant ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) )

Ever since the bad days of Big is Bad antitrust enforcement this law has required that anyone proposing a merger must make a filing describing the effects on all relevant markets

( S ( S ( NP-SBJ-1 ( DT The ) ( NNP Hart-Scott ) ( NN filing ) ) ( VP ( VBZ is ) ( ADVP-TMP-2 ( RB then ) ) ( VP-3 ( VBN reviewed ) ) ) ) ( CC and ) ( S ( NP-SBJ=1-4 ( DT any ) ( JJ antitrust ) ( NNS concerns ) ) ( ADVP-TMP=2 ( RB usually ) ) ( VP=3 ( VBN met ) ) ) )

The Hart-Scott filing is then reviewed and any antitrust concerns usually met

( S ( ADVP ( RB Typically ) ) ( NP-SBJ-1 ( NNP Hart-Scott ) ) ( VP ( VBZ is ) ( VP ( VBN used ) ( ADVP-TMP ( RB now ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB give ) ( NP ( NP ( NNS managers ) ) ( PP ( IN of ) ( NP ( NN target ) ( NNS firms ) ) ) ) ( NP ( NP ( NP ( JJ early ) ( NN news ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN bid ) ) ) ) ( CC and ) ( NP ( DT a ) ( NN chance ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( JJ regulatory ) ( NN review ) ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN delaying ) ( NN tactic ) ) ) ) ) ) ) ) ) ) ) ) ) )

Typically Hart-Scott is used now to give managers of target firms early news of a bid and a chance to use regulatory review as a delaying tactic

( S ( NP-SBJ ( DT The ) ( ADJP ( CD 20,000 ) ) ( NN tax ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( DT a ) ( JJ small ) ( NN cost ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ multibillion-dollar ) ( NN deal ) ) ) ) ( CC but ) ( NP ( NP ( DT a ) ( JJ serious ) ( NN drag ) ) ( PP ( IN on ) ( NP ( NP ( NNS thousands ) ) ( PP ( IN of ) ( NP ( JJ small ) ( JJ friendly ) ( NNS deals ) ) ) ) ) ) ) ) ) )

The 20,000 tax would be a small cost in a multibillion-dollar deal but a serious drag on thousands of small friendly deals

( S ( NP-SBJ ( NP ( CD One ) ( ADJP ( RB especially ) ( JJ dangerous ) ) ( NN aspect ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ new ) ( NN tax ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNS proceeds ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NP ( DT the ) ( NNS budgets ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( JJ antitrust ) ( NN division ) ) ( PP-LOC ( IN at ) ( NP ( NNP Justice ) ) ) ) ( CC and ) ( NP ( DT the ) ( NNP Federal ) ( NNP Trade ) ( NNP Commission ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One especially dangerous aspect to the new tax would be that the proceeds will be used to increase the budgets of the antitrust division at Justice and the Federal Trade Commission

( S ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ amounts ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN bounty ) ) ( PP ( IN for ) ( NP ( NNS regulators ) ) ) ) ) ) ) ( S ( X-ADV ( DT the ) ( JJR more ) ( NN regulating ) ) ( X-ADV ( DT the ) ( JJR more ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP get ) ( S ( VP ( TO to ) ( VP ( VB keep ) ) ) ) ) ) )

This amounts to a bounty for regulators the more regulating the more they get to keep

( S ( ADVP ( RB Also ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( JJ former ) ( NNP Reagan ) ( JJ antitrust ) ( NN chief ) ( NNP Charles ) ( NNP Rule ) ) ( VP ( VBZ has ) ( VP ( VBN noted ) ) ) ) ) ( NP-SBJ ( DT this ) ) ( VP ( MD would ) ( VP ( VB establish ) ( NP ( DT the ) ( NN precedent ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( MD may ) ( VP ( VB charge ) ( NP ( NNS parties ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN privilege ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN sued ) ) ) ) ) ) ) ( ADVP ( RB regardless ) ( PP ( IN of ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ prevails ) ) ) ) ) ) ) ) ) ) ) ) ) )

Also as former Reagan antitrust chief Charles Rule has noted this would establish the precedent that the government may charge parties for the privilege of being sued regardless of whether the government prevails

( NP ( RB Yet ) ( DT another ) ( NN opportunity ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( TO to ) ( VP ( VB respond ) ( S ( VP ( VB Read ) ( NP ( PRP$ my ) ( NNS lips ) ) ) ) ) ) ) ) )

Yet another opportunity for President Bush to respond Read my lips

( NP ( JJ Line-item ) ( NN veto ) )

Line-item veto

( S ( NP-SBJ-1 ( JJ Democratic ) ( NNS leaders ) ) ( VP ( VP ( VBP have ) ( VP ( VBN bottled ) ( PRT ( RP up ) ) ( NP ( NP ( NNP President ) ( NNP Bush ) ( POS 's ) ) ( NNS capital-gains ) ( NN tax ) ( NN cut ) ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ) ( CC and ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN issue ) ) ) ) ( ADVP-TMP ( RB indefinitely ) ) ) ) ) ) ) ) ) )

Democratic leaders have bottled up President Bush 's capital-gains tax cut in the Senate and may be able to prevent a vote on the issue indefinitely

( S ( NP-SBJ ( NP ( NNP Senate ) ( NNP Majority ) ( NNP Leader ) ( NNP George ) ( NNP Mitchell ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Maine ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( NNP Senate ) ( NNS procedures ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB force ) ( S ( NP-SBJ ( NP ( NNS advocates ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN tax ) ( NN cut ) ) ) ) ( VP ( TO to ) ( VP ( VB come ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 60 ) ) ( NNS votes ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB address ) ( NP ( DT the ) ( NN issue ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Senate Majority Leader George Mitchell D. Maine said he intends to use Senate procedures to force advocates of the tax cut to come up with at least 60 votes before they can address the issue

( S ( CC And ) ( NP-SBJ ( DT neither ) ( NNPS Democrats ) ( CC nor ) ( NNPS Republicans ) ) ( VP ( VBP are ) ( VP ( VBG predicting ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS capital-gains ) ( NNS forces ) ) ( VP ( MD can ) ( VP ( VB produce ) ( NP ( JJ enough ) ( NNS votes ) ) ) ) ) ) ) ) )

And neither Democrats nor Republicans are predicting that the capital-gains forces can produce enough votes

( S ( S-TPC-1 ( S ( NP-SBJ ( DT The ) ( JJ 60-vote ) ( NN requirement ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADVP-LOC-PRD ( RB there ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( DT the ) ( CD 60 ) ( NNS votes ) ) ) ) ) ) ( NP-SBJ ( NNP Sen. ) ( NNP Mitchell ) ) ( VP ( VBD said ) ) )

The 60-vote requirement will be there and they do n't have the 60 votes Sen. Mitchell said

( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NNS votes ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBN passed ) ) ) ) ) ) ) ) ) ) )

They do n't have the votes to get it passed

( S ( NP-SBJ ( NP ( NNP Sen. ) ( NNP Bob ) ( NNP Packwood ) ) ( PRN ( NP ( NP ( NNP R. ) ) ( NP-LOC ( NNP Ore. ) ) ) ) ( NP ( NP ( DT the ) ( JJ leading ) ( JJ Republican ) ( NN proponent ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN tax ) ( NN cut ) ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB disagree ) ) ) )

Sen. Bob Packwood R. Ore. the leading Republican proponent of the tax cut did n't disagree

( S ( S-TPC-3 ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( ADJP-PRD ( JJ sure ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ 's ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB happen ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

I 'm not sure what 's going to happen he said

( S ( ADVP-TMP ( RB Previously ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( DT the ) ( JJ requisite ) ( CD 60 ) ( NNS votes ) ) ) ) ) ) ( ADVP-TMP ( RB eventually ) ) ) ) ) ) ) ) )

Previously he had said he would be able to find the requisite 60 votes eventually

( S ( NP-SBJ ( NNP Sen. ) ( NNP Packwood ) ) ( VP ( VBZ has ) ( VP ( VBN offered ) ( NP ( PRP$ his ) ( JJ capital-gains-cut ) ( NN package ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN amendment ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN bill ) ) ( ADJP ( ADVP-TMP ( RB now ) ) ( VBG pending ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB authorize ) ( NP ( NP ( NN aid ) ) ( PP ( TO to ) ( NP ( NNP Poland ) ( CC and ) ( NNP Hungary ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sen. Packwood has offered his capital-gains-cut package as an amendment to a bill now pending in the Senate that would authorize aid to Poland and Hungary

( S ( NP-SBJ-1 ( NNPS Democrats ) ) ( VP ( VBP are ) ( VP ( VBG holding ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN amendment ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG threatening ) ( NP ( NP ( DT a ) ( NN filibuster ) ) ( CC or ) ( NP ( JJ extended ) ( NN debate ) ) ) ) ) ) ) ) )

Democrats are holding up a vote on the amendment by threatening a filibuster or extended debate

( S ( PP ( IN For ) ( NP ( DT a ) ( NN cloture ) ( NN vote ) ( S ( VP ( TO to ) ( VP ( VB stop ) ( NP ( DT the ) ( NN filibuster ) ) ) ) ) ) ) ( NP-SBJ ( NNPS Republicans ) ) ( VP ( MD must ) ( VP ( VB muster ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 60 ) ) ( NNS votes ) ) ) ) )

For a cloture vote to stop the filibuster Republicans must muster at least 60 votes

( S ( NP-TMP ( NN Yesterday ) ) ( NP-SBJ ( NNP Sen. ) ( NNP Packwood ) ) ( VP ( VBD acknowledged ) ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NNS votes ) ) ( PP ( IN for ) ( NP ( NN cloture ) ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) )

Yesterday Sen. Packwood acknowledged We do n't have the votes for cloture today

( S ( NP-SBJ ( DT The ) ( NNPS Republicans ) ) ( VP ( VBP show ) ( NP ( NP ( DT no ) ( NN sign ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG relenting ) ) ) ) ) ) )

The Republicans show no sign of relenting

( S ( NP-SBJ-1 ( NNP GOP ) ( NNS leaders ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB press ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN amendment ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Eastern ) ( NNP Europe ) ( NN aid ) ( NN measure ) ) ) ) ) ) ) ) ) ) ) )

GOP leaders continued to press for a vote on the amendment to the Eastern Europe aid measure

( S ( CC And ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD threatened ) ( S ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB amend ) ( NP ( NP ( DT any ) ( JJ other ) ( NN revenue ) ( NN bill ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Senate ) ) ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNS capital-gains ) ( NN provision ) ) ) ) ) ) ) ) ) ) )

And they threatened to try to amend any other revenue bill in the Senate with the capital-gains provision

( SINV ( S ( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ serious ) ( NN business ) ) ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ serious ) ( PP ( IN about ) ( NP ( DT a ) ( NNS capital-gains ) ( NN reduction ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Kansas ) ( NNP Sen. ) ( NNP Robert ) ( NNP Dole ) ) ( NP ( NP ( DT the ) ( NNP Senate ) ( POS 's ) ) ( JJ Republican ) ( NN leader ) ) ) )

This is serious business we 're serious about a capital-gains reduction said Kansas Sen. Robert Dole the Senate 's Republican leader

( S ( NP-SBJ ( DT The ) ( NN strategy ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( VB Let ) ( S ( NP-SBJ ( POS 's ) ) ( VP ( VB vote ) ) ) ) ) ) )

The strategy is Let 's vote

( S ( NP-SBJ ( DT The ) ( NNPS Republicans ) ) ( VP ( VBP contend ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB garner ) ( NP ( NP ( DT a ) ( NN majority ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ 100-member ) ( NNP Senate ) ) ) ( PP ( IN for ) ( NP ( DT a ) ( NNS capital-gains ) ( NN tax ) ( NN cut ) ) ) ) ) ) ) ) ) )

The Republicans contend that they can garner a majority in the 100-member Senate for a capital-gains tax cut

( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP accuse ) ( NP-1 ( DT the ) ( NNPS Democrats ) ) ( PP-CLR ( IN of ) ( S-NOM ( ADVP-MNR ( RB unfairly ) ) ( VP ( VBG using ) ( NP ( NNP Senate ) ( NNS rules ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB erect ) ( NP ( DT a ) ( JJ 60-vote ) ( NN hurdle ) ) ) ) ) ) ) ) ) )

They accuse the Democrats of unfairly using Senate rules to erect a 60-vote hurdle

( S ( NP-SBJ ( NNPS Democrats ) ) ( VP ( VBP counter ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNPS Republicans ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB often ) ) ( VP ( VBN used ) ( NP ( DT the ) ( JJ same ) ( NNS rules ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB suit ) ( NP ( PRP$ their ) ( JJ own ) ( NNS ends ) ) ) ) ) ) ) ) ) ) )

Democrats counter that the Republicans have often used the same rules to suit their own ends

( S ( NP-SBJ ( DT The ) ( CD two ) ( NNS sides ) ) ( ADVP ( RB also ) ) ( VP ( VBD traded ) ( NP ( NP ( NNS accusations ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Packwood ) ( NN plan ) ) ) ) ) ) ) )

The two sides also traded accusations about the cost of the Packwood plan

( S ( NP-SBJ ( NNPS Democrats ) ) ( VP ( VBD asserted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN proposal ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB create ) ( NP ( NP ( DT a ) ( JJ new ) ( NN type ) ) ( PP ( IN of ) ( NP ( JJ individual ) ( NN retirement ) ( NN account ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ fraught ) ( PP ( IN with ) ( NP ( NP ( NN budget ) ( NN gimmickry ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB lose ) ( NP ( NP ( NNS billions ) ) ( PP ( IN of ) ( NP ( NNS dollars ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ long ) ( NN run ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Democrats asserted that the proposal which also would create a new type of individual retirement account was fraught with budget gimmickry that would lose billions of dollars in the long run

( S ( NP-SBJ ( NNPS Republicans ) ) ( VP ( VBD countered ) ( SBAR ( DT that ) ( S ( NP-SBJ ( JJ long-range ) ( NN revenue ) ( NNS estimates ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ unreliable ) ) ) ) ) ) )

Republicans countered that long-range revenue estimates were unreliable

( S ( NP-SBJ ( DT The ) ( NNP Packwood ) ( NN proposal ) ) ( VP ( MD would ) ( VP ( VB reduce ) ( NP ( DT the ) ( NN tax ) ) ( PP ( VBG depending ) ( PP ( IN on ) ( SBAR ( WHADVP-2 ( WRB how ) ( RB long ) ) ( S ( NP-SBJ-1 ( DT an ) ( NN asset ) ) ( VP ( VBD was ) ( VP ( VBN held ) ) ) ) ) ) ) ) ) )

The Packwood proposal would reduce the tax depending on how long an asset was held

( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB create ) ( NP ( NP ( DT a ) ( JJ new ) ( NNP IRA ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB shield ) ( PP-CLR ( IN from ) ( NP ( NN taxation ) ) ) ( NP ( NP ( DT the ) ( NN appreciation ) ) ( PP ( IN on ) ( NP ( NP ( NNS investments ) ) ( VP ( VBN made ) ( PP-PRP ( IN for ) ( NP ( NP ( DT a ) ( JJ wide ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NNS purposes ) ) ) ( PP ( VBG including ) ( NP ( NP ( NN retirement ) ) ( NP ( JJ medical ) ( NNS expenses ) ) ( NP ( JJ first-home ) ( NNS purchases ) ) ( CC and ) ( NP ( NN tuition ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It also would create a new IRA that would shield from taxation the appreciation on investments made for a wide variety of purposes including retirement medical expenses first-home purchases and tuition

( S ( NP-SBJ ( DT A ) ( NNP White ) ( NNP House ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB generally ) ( JJ supportive ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Packwood ) ( NN plan ) ) ) ) ) ) ) ) )

A White House spokesman said President Bush is generally supportive of the Packwood plan

( S ( NP-SBJ ( NNP Di ) ( NNP Giorgio ) ( NNP Corp. ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBZ 's ) ( VP ( VBG continuing ) ( NP ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( NP ( JJ potential ) ( NNS buyers ) ) ( PP ( IN of ) ( NP ( JJ certain ) ( NNS units ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBZ has ) ( VP ( VBN reached ) ( NP ( NP ( DT no ) ( NN agreement ) ) ( PP ( IN on ) ( NP ( DT any ) ( NNS deals ) ) ) ) ) ) ) ) ) )

Di Giorgio Corp. said it 's continuing talks with potential buyers of certain units but has reached no agreement on any deals

( S ( NP-SBJ ( NP ( NNP Di ) ( NNP Giorgio ) ) ( NP ( DT a ) ( NN food ) ( NN wholesaler ) ( CC and ) ( NN building ) ( NNS products ) ( NN maker ) ) ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ( NP ( NP ( NNS alternatives ) ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( JJ unsolicited ) ( ADJP ( JJ 32-a-share ) ) ( NN tender ) ( NN offer ) ) ( PP ( IN of ) ( NP ( NP ( NNP DIG ) ( NNP Acquisition ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Rose ) ( NNP Partners ) ( NNP Limited ) ( NNP Partnership ) ) ) ) ) ) ) ) ) ) ) )

Di Giorgio a food wholesaler and building products maker is seeking alternatives to an unsolicited 32-a-share tender offer of DIG Acquisition Corp. a unit of Rose Partners Limited Partnership

( S ( NP-SBJ ( NNP DIG ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN vehicle ) ) ( VP ( VBG being ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB pursue ) ( PP ( TO to ) ( NP ( NN acquisition ) ) ) ) ) ) ) ) ) ) )

DIG is the vehicle being used to pursue to acquisition

( S ( NP-SBJ ( NP ( NNP Robert ) ( NNP Mellor ) ) ( NP ( NP ( NNP Di ) ( NNP Giorgio ) ( POS 's ) ) ( JJ executive ) ( NN vice ) ( NN president ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBZ stands ) ( S ( VP ( TO to ) ( VP ( VB reap ) ( NP ( NP ( JJR more ) ( NN money ) ) ) ( PP-MNR ( IN through ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( JJ individual ) ( NNS units ) ) ) ( PP ( TO to ) ( NP ( NNS others ) ) ) ) ) ( PP-2 ( IN than ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG accepting ) ( NP ( NP ( NNP DIG ) ( POS 's ) ) ( NN offer ) ) ) ) ) ) ) ) ) ) ) ) ) )

Robert Mellor Di Giorgio 's executive vice president said the company stands to reap more money through the sale of individual units to others than by accepting DIG 's offer

( S ( NP-SBJ ( NNP Black ) ( CC & ) ( NNP Decker ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NNP Bostik ) ( JJ chemical ) ( NNS adhesives ) ( NN unit ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Orkem ) ( NNP S.A. ) ) ( NP ( DT a ) ( JJ French ) ( NN chemical ) ( NN company ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 345 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

Black & Decker Corp. said it agreed to sell its Bostik chemical adhesives unit to Orkem S.A. a French chemical company for 345 million

( S ( NP-SBJ ( NNP Bostik ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NNP Emhart ) ( NNP Corp. ) ( NN unit ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN power-tool ) ( NN manufacturer ) ( POS 's ) ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VP ( VB reduce ) ( NP ( NN debt ) ) ) ( CC and ) ( VP ( VB consolidate ) ( NP ( NNS operations ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD acquired ) ( NP ( NNP Emhart ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Bostik is the first Emhart Corp. unit to be sold as part of the power-tool manufacturer 's effort to reduce debt and consolidate operations after it acquired Emhart earlier this year

( S ( NP-SBJ ( NNP Black ) ( CC & ) ( NNP Decker ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( JJ other ) ( NNP Emhart ) ( NNS units ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN block ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN future ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN goal ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG raising ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( JJ net ) ( NNS proceeds ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Black & Decker said it plans to put other Emhart units on the block in the future with the goal of raising 1 billion in net proceeds

( S ( NP-SBJ-1 ( NNP Black ) ( CC & ) ( NNP Decker ) ) ( VP ( VBD rescued ) ( NP ( NNP Emhart ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN takeover ) ( NN bid ) ) ( PP ( IN of ) ( NP ( NNP Topper ) ( NNP Limited ) ( NNP Partnership ) ) ) ) ) ( NP-TMP ( JJ last ) ( NNP March ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG agreeing ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( DT the ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NP ( NN door ) ( NNS locks ) ) ( CC and ) ( NP ( NN gardening ) ( NNS tools ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( RB about ) ( CD 2.8 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) )

Black & Decker rescued Emhart from the takeover bid of Topper Limited Partnership last March by agreeing to acquire the maker of door locks and gardening tools for about 2.8 billion

( S ( NP-SBJ ( DT The ) ( NN move ) ) ( VP ( VP ( ADVP ( RB significantly ) ) ( VBD expanded ) ( NP ( NP ( NNP Black ) ( CC & ) ( NNP Decker ) ( POS 's ) ) ( NN product ) ( NN line ) ) ) ( CC but ) ( ADVP ( RB also ) ) ( VP ( ADVP ( RB significantly ) ) ( VBD increased ) ( NP ( PRP$ its ) ( NN debt ) ( NN load ) ) ) ) )

The move significantly expanded Black & Decker 's product line but also significantly increased its debt load

( S ( NP-SBJ ( DT The ) ( NN acquisition ) ) ( VP ( VBD boosted ) ( NP ( NP ( NP ( NNP Black ) ( CC & ) ( NNP Decker ) ( POS 's ) ) ( NN ratio ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ( PP ( TO to ) ( NP ( JJ total ) ( NN capital ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 80 ) ) ( NN % ) ) ) ) )

The acquisition boosted Black & Decker 's ratio of debt to total capital to more than 80 %

( S ( NP-SBJ ( NN Company ) ( NNS officials ) ) ( VP ( VBP have ) ( VP ( VBN said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( DT that ) ( NN ratio ) ) ( PP-DIR ( TO to ) ( NP ( QP ( JJR less ) ( IN than ) ( CD 50 ) ) ( NN % ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( QP ( CD 2 ) ( CD 1\/2 ) ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

Company officials have said they plan to reduce that ratio to less than 50 % over the next 2 1\/2 years

( S ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN year ) ) ( NP-SBJ ( NNP Black ) ( CC & ) ( NNP Decker ) ) ( VP ( VBD put ) ( NP ( NP ( CD three ) ( NNP Emhart ) ( NNS businesses ) ) ) ( PP-PUT ( IN on ) ( NP ( DT the ) ( NN auction ) ( NN block ) ) ) ( NP-1 ( NP ( DT the ) ( NN information ) ( CC and ) ( NN electronics ) ( NN segment ) ) ( NP ( DT the ) ( NNP Dynapert ) ( JJ electrical ) ( NN assembly ) ( NN business ) ) ( CC and ) ( NP ( NNP Mallory ) ( NNP Capacitors ) ) ) ) )

Earlier this year Black & Decker put three Emhart businesses on the auction block the information and electronics segment the Dynapert electrical assembly business and Mallory Capacitors

( S ( NP-SBJ ( DT The ) ( CD three ) ( NNS units ) ) ( VP ( VBD had ) ( NP ( NP ( JJ combined ) ( CD 1988 ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 904 ) ( CD million ) ) ) ) ) ) )

The three units had combined 1988 sales of about 904 million

( S ( NP-SBJ ( DT The ) ( CD three ) ( NNS units ) ) ( VP ( VBD contributed ) ( NP ( NP ( QP ( RB about ) ( DT a ) ( NN third ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Emhart ) ( POS 's ) ) ( JJ total ) ( NNS sales ) ) ) ) ) )

The three units contributed about a third of Emhart 's total sales

( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNP Black ) ( CC & ) ( NNP Decker ) ) ( VP ( VBD had ) ( VP ( VBN said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB sell ) ( NP ( CD two ) ( JJ other ) ( JJ undisclosed ) ( NNP Emhart ) ( NNS operations ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD received ) ( NP ( DT the ) ( JJ right ) ( NN price ) ) ) ) ) ) ) ) ) ) ) )

In addition Black & Decker had said it would sell two other undisclosed Emhart operations if it received the right price