Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, September 29, 1993 TAG: 9309290344
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
WASHINGTON - A favorable ruling from the Internal Revenue Service will allow Marriott Corp. to go ahead with plans to split into two companies, Marriott said Tuesday.
The IRS ruled that a special company dividend that will trigger the Oct. 8 split will be tax free.
Marriott's board of directors is scheduled to meet today to decide whether the dividend meets all the conditions set for the breakup, including the receipt of the IRS ruling.
If the board approves the dividend, it will be distributed Oct. 8 to shareholders of record at the close of business on Thursday. Shareholders would receive one share of Marriott International Inc., a profitable hotel management company, for each share they own in Marriott Corp.
Marriott would be renamed Host Marriott Corp., a new company that would own hotels and retirement communities and operate airport and toll-road concessions - and would take on most of Marriott Corp.'s $2.9 billion debt. - Associated Press
\ GM, Ford recall defective trucks
DETROIT - General Motors Corp. and Ford Motor Co. are recalling nearly 1.6 million trucks to fix problems that could cause brake failure and fires.
Ford is recalling 1.2 million 1990-93 F-Series trucks with dual fuel tanks to replace the fuel pressure regulator and install a valve to prevent gasoline leaks through one of the gas tank covers.
The automaker said it has seven reports of fires that started when gasoline dripped down the side of the vehicle. Ford said it knows of no accidents or injuries as a result.
GM is recalling 76,000 1994 full-size pickups and vans to inspect brake-pedal push rod retainers to see that the retainers are in the right position. A retainer out of position could lead to brake failure. No accidents or injuries have been reported, GM said. - Associated Press
by CNB