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Zelebrity Seals Deal With KCI A Celebrity Cruises/Royal Caribbean International (RCI) definitive merger agreement was sealed in the first week of July after the former upped its bid for the five-ship cruise line by $15 mil- lion, after Carnival Corp.'s hostile offer. The agreement is still sub- ject to regulatory clearance. Carnival withdrew its bid after its stock prices plummeted follow- ing its offer to take on Celebrity's $800 million debt. Detroit Diesel And Outboard Marine Propose Merger On July 9, Detroit Diesel Corp. (DDC) and Outboard Marine Corp. (OMC) signed a definitive agree- ment for DDC to acquire OMC in a transaction valued at $500 million, including the assumption of OMC's $180 million debt. DDC will shortly commence a two-step transaction to acquire the outstanding common shares of OMC for $16 per share. The agree- ment, which is subject to custom- ary conditions, provides for the merger of a newly-formed sub- sidiary of DDC with OMC follow- ing tender offer completion. Detroit Diesel Chairman Roger Penske said, "Our objective is to further expand our worldwide marine capabilities beyond diesel engines with the OMC enterprises ... We look forward to the prospect of further developing OMC's pro- prietary FICHT(TM) fuel injection technology to optimize the perfor- mance, fuel economy and emis- sions capability for the next gener- ation of marine and other engines." Combined net revenues for Detroit Diesel and Outboard Marine Corporation in 1996 would have been $3.2 billion. For more information on Detroit Diesel Circle 10 on Reader Service Card Portsmouth Naval Yard Work Contracted Out Fay, Spofford & Thorndike, Inc. of Burlington, Maine, was selected to design repairs to drydocks and bridges at the Portsmouth Naval Shipyard in Kittery, Maine. Work will include overhaul of the drydock dewatering system, August, 1997 including pumps and valves. Avondale Contracts For Two Crude Carriers Avondale Industries, Inc. signed a $332 million contract with ARCO Marine, Inc. of Long Beach, Calif, for the construction of two 125,000-dwt crude carriers, with an option for three more ships. Detail design of the ships is to begin immediately with construc- tion scheduled to start in December and delivery of the first ship expected in the first quarter of 2000. "This is a significant event in our strategic plan for increasing our commercial competitiveness and obtaining a more desirable balance of our work between commercial and military contracts," said Avondale CEO A1 Bossier, Jr. For more information on Avondale Circle 9 on Reader Service Card FERNSTRUM 5D YEARS EXPERIENCE IN ENGINEERED KEEL COOLING! "THE FERNSTRUM GRIDCOOLER IS THE SIMPLEST AND DEPENDABLE FORM OF m Unique Qualities Fofuid in the Jridcooler... 'Closed
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