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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (53118)	10/19/1999 7:48:00 AM
From: Tomas	Respond to of 95453

Unitrin divests more of Baker Hughes shares in sell-off worth $115 million Houston Business Journal, October 18 Jim Greer Insurer Unitrin Inc. reduced its stake in oilfield service provider Baker Hughes Inc. by selling 3.4 million common shares for nearly $115 million, according to an amended Schedule 13D filed in September with the Securities and Exchange Commission. The open-market sale reduces Unitrin's stake in the Houston-based oil service company from 6.9 percent to 5.8 percent, according to filings. The average per-share price of $34.07 received by Unitrin in the 3.4 million-share sale is 18 percent higher than the oil service stock's Oct. 12 close of $28.81. The share price has doubled from its 52-week low of $15, as stronger oil prices have sparked a rally in energy service stocks. Chicago-based Unitrin originally owned about 23 percent of Western Atlas International, a Houston oil service firm acquired by Baker Hughes in 1998. After the merger, Unitrin was the largest institutional holder of Baker Hughes, with a stake of about 34.2 million shares or 11 percent of the common stock, according to federal filings compiled by Dow Jones & Co. Value Line Investment Survey once listed Unitrin's Baker Hughes stake at 12 percent. Through a series of sales in the open market by Unitrin and its subsidiaries, the Chicago company's Baker Hughes position has been reduced to 19.2 million shares. Thanks to the acquisition of Western Atlas by Baker Hughes, Unitrin in 1998 reported an accounting gain of $316.4 million after the merger. Unitrin is a consumer finance company, property-casualty insurer and life insurance provider. It was the target of an unwelcome and unsuccessful takeover attempt by Houston's American General Corp. in the mid-1990s. A Baker Hughes spokesman could not elaborate on Unitrin's reasons for the recent stock sale. "The only information we have is the public filings," says Gary Flaharty, a spokesman at the Houston oil service firm. Unitrin chose not to comment on the most recent sale beyond its SEC filings. The insurer has indicated future sales of its Baker Hughes shares are possible. amcity.com