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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: porcupine --''''> who wrote (974)	11/16/1998 10:36:00 PM
From: porcupine --''''>	Read Replies (3) \| Respond to of 1722

GM's Delphi unit files IPO with SEC WASHINGTON, Nov 16 (Reuters) - Delphi Automotive Systems Corp , a unit of General Motors Corp., on Monday filed for an initial public offering of common stock with the U.S. Securities and Exchange Commission, with a proposed maximum aggregate offering price of $1.5 billion. The amount and terms of the offering are only estimates and can be changed, the Troy, Mich., automotive supplier said in the preliminary filing. Together with each common share to be offered, the company will also offer one preferred share purchase right. Underwriters named in the filing were Morgan Stanley Dean Witter, Goldman Sachs & Co, Merrill Lynch & Co, Donaldson Lufkin & Jenrette and Schroder & Co Inc. The offering is part of General Motors' planned spinoff of Delphi, announced earlier this year. Proceeds from the sale will be used for general corporate purposes and to fund working capital needs. According to the SEC filing, GM plans to complete its divestiture of Delphi in 1999. ((Washington newsroom, +1 202 898-8399, fax +1 202 347-3853, washington.newsroom@reuters.com))