American Express to Issue New Stock: The...
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From Times Staff and Wire Service Reports
American Express to Issue New Stock: The firm will issue 27 million new shares of common stock, worth about $825 million at current market value, to help pay for acquiring the rest of Shearson Lehman Hutton Inc. The money will be used to pay off $500 million in short-term loans that American Express took out in March to buy $750 million in Shearson preferred stock. American Express already owns 60% of Shearson.
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