VOL. XXXII

NO. 2

17-OCTOBER-1988

Financial and Banking News

INVESTMENT ACTIVITIES

ERT/Cros Merger Agreed

Two Spanish chemical companies controlled by the Kuwait Investment Officehave agreed the terms of their merger, which will take six months to put intoeffect, subject to government approval. Union Explosivos Rio Tinto (ERT) andCros SA last week agreed to form a new company, Ercros, by swapping four ERTshares for every five Cros shares. The new company is to be capitalized at Pta27.7bn ($225mn)....