ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, November 7, 1996 TAG: 9611070050
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
Nynex shareholders approve Bell merger
NEW YORK - Nynex Corp. shareholders have overwhelmingly approved the proposed $23 billion merger with Bell Atlantic Corp., Nynex said Wednesday, and its largest union said it had received a no-layoffs pledge from both phone companies.
More than 96 percent of the shares were voted in favor the combination, with three-fourths of the vote counted, said Frederic Salerno, Nynex's chief financial officer. A simple majority was required for shareholder approval.
The deal also received the endorsement Wednesday of the Communications Workers of America, the companies' largest union, after winning job promises from Nynex and Bell Atlantic.
The companies agreed to abstain from layoffs, forced transfers or job downgrades of the union's 70,000 workers from the date of the merger's completion through Aug. 1998, when current labor agreements expire.
Nynex disclosed the vote results at its annual shareholders meeting in Manhattan. Final vote results are due out in several weeks. Bell Atlantic shareholders finish their vote on the deal Friday at the company's annual meeting in Richmond, Va.
The proposed combination still needs approval from federal and state regulatory and government agencies. A final decision is expected by early next year.
-Associated Press
Bridgestone agrees to raises, bonuses
PITTSBURGH - Bridgestone/Firestone Inc. agreed Wednesday to give 6,000 workers pay and benefit increases and more than $20 million in bonuses to settle a bitter 27-month dispute with the United Steelworkers of America.
The bonuses include more than $15 million the tiremaker will pay to strikers it replaced with nonunion workers in a much-criticized move during a 10-month strike that ended last year. The company since has rehired almost all 4,200 strikers.
Under the 3 1/2-year agreement, Bridgestone will give an immediate 40-cent-an-hour pay increase and a $750 signing bonus to all hourly employees at the seven plants covered by the contract. Bridgestone employees now earn an average of $17.61 an hour.
-Bloomberg Business News
Lynn Brae registers most Angus in Va.
Lynn Brae Associates of Roanoke registered the largest number of pure-bred Angus beef with the American Angus Association of any producer in Virginia during the 1996 recording year ended Sept. 30, the association said.
Lynn Brae registered 248 of the total of 220,586 head of cattle registered in the United States this year, the association said. Registrations declined about 2 percent after 9 straight years of growth, said the association in St. Joseph, Mo.
-Staff report
LENGTH: Medium: 58 linesby CNB