NIPPON KOKAN STEEL AFFILIATES CONSIDERING MERGER

WALLENBERGS FIGHT BID FOR SWEDISH MATCH STAKE

<SHV (United Kingdom) Holding Co Ltd> 
said it was making a tender offer for up to 33 mln ordinary 
shares in Imperial Continental Gas Association.<ICGS.L>. 
    It said in a statement the offer was on the basis of 700p 
for each IC Gas ordinary and 252p for every one stg nominal of 
IC Gas loan stock. 
    SHV already holds 6.8 mln IC Gas ordinary stock units 
representing around 4.9 pct of the current issued share 
capital. 
    Successful completion of the offer would increase SHV's 
stake in IC Gas to 39.8 mln shares, representing around 27.9 
pct of issued share capital, it said. 
    The offer capitalises IC Gas at around one billion stg. 
    It said it was tendering for both ordinary stock and loan 
stock, which when fully converted, gave a total of 33 mln IC 
Gas ordinary. It is making the tender offer through N.M. 
Rothschilds. 
    IC Gas said in a statement it noted the SHV tender offer 
and the terms were being considered. 
    It said a further statement would be made as soon as 
possible. 
 REUTER...

SHV SAYS IT MAKING TENDER OFFER FOR IC GAS

<Sale Tilney Plc> said it has purchased 
80 pct of the ordinary share capital of <B and R International 
Inc.>, a U.S. Insurance broker, for 5.6 mln dlrs. 
    Sale is paying 3.6 mln dlrs in cash on completion, with the 
balance plus interest to be paid in equal instalments over the 
next six years. 
    B and R posted pretax profit of 855,000 dlrs in the year to 
Dec 31, 1986 when it had net tangible assets of 563,000 dlrs. 
 REUTER

SALE TILNEY BUYS STAKE IN U.S. INSURANCE BROKER

<Exco International Plc>, a subsidiary of 
British and Commonwealth Shipping Co Plc <BCOM.L>, said it had 
agreed in principle to buy an 80 pct stake in <RMJ Holdings 
Corp> for about 79 mln dlrs. 
    Exco Chairman Richard Lacy told Reuters the acquisition was 
being made from Bank of New York Co Inc <BK.N>, which currently 
holds a 50.1 pct, and from RMJ partners who hold the remainder. 
    Bank of New York and the partners will retain about 10 pct 
each and these stakes will be bought over the next six years. 
    RMJ is the holding company of RMJ Securities, one of the 
largest U.S. Government securities brokers. 
    It is also involved in broking notes, obligations and other 
instruments sponsored by U.S. Federal agencies. 
    Lacy said Exco had been considering buying a U.S. 
Government securities broker for the past four years and had 
made an offer for RMJ when it was sold by Security Pacific Corp 
<SPC.N> in 1985. RMJ was then valued at about 50 mln dlrs. 
    B and C managing director Peter Goldie said RMJ would be 
bought at about the same multiple as Exco, suggesting net 
income of around 16 mln dlrs. 
    The company's earnings had not been hit by the halving of 
brokerage fees some 14 months ago as volumes had since doubled. 
    Lacy said that RMJ employed some 300 people, with 200 in 
the brokerage business and about 70 in its <SMS> unit, which 
provided computer software for the financial services 
community. 
    RMJ Securities had offices in New York, where total market 
turnover of U.S. Government securities was 110 billion dlrs a 
day, and in London where it has 15 billion. 
    It was also given permission last week to open an office in 
Tokyo where total market turnover had lifted rapidly to about 
five billion dlrs a day. 
    The acquisition would contribute between five and 10 pct of 
B and C's share earnings in 1987 on a proforma basis. 
 REUTER