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Gold/Mining/Energy : Conoco (COC) - The biggest U.S. IPO ever -- Ignore unavailable to you. Want to Upgrade?

To: Night Writer who wrote (89)	3/31/1999 6:11:00 PM
From: Night Writer	Read Replies (1) \| Respond to of 123

DuPont Receives Favorable IRS Ruling on Conoco Split-Off WILMINGTON, Del., March 31 /PRNewswire/ -- DuPont (NYSE: DD) has received a favorable ruling from the Internal Revenue Service (IRS) that the proposed split-off of Conoco Inc. will be tax-free. The proposed split-off would be achieved through an exchange offer in which DuPont stockholders would be given an opportunity to exchange DuPont stock for shares of Conoco Class B common stock held by DuPont. As more fully described in the registration statement filed with the Securities and Exchange Commission (SEC), a key condition to completing the exchange offer was receiving a favorable ruling from the IRS. Completion of the exchange offer remains subject to review by the SEC and approval by the DuPont board of directors. The split-off is expected to be completed in the third quarter of this year, depending on market conditions. The offering will be made only by means of an Offering/Circular Prospectus that will contain the specific terms of the transaction and will be provided to DuPont stockholders at the commencement of the exchange offer. Conoco is a major, integrated energy company based in Houston and active in 40 countries. Founded in 1802, DuPont is a global science and technology-based company. DuPont serves worldwide markets including food and nutrition; health care; agriculture; fashion and apparel; home and construction; electronics; and transportation. The company operates in 65 countries and has 92,000 employees. Forward-Looking Statements: This news release contains forward-looking statements based on management's current expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in DuPont's filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K, as well as others, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions of countries in which the company does business; competitive pressures; successful integration of structural changes, including acquisitions, divestitures and alliances; failure of the company or related third parties to become Year 2000 capable; research and development of new products, including regulatory approval and market acceptance. SOURCE DuPont CO: DuPont; Conoco Inc.; Internal Revenue Service ST: Delaware