OTHER NEWS - June 28, 1993

Strong Demand for Argentine Oil Stock: Investors worldwide have shown a strong appetite for shares in oil company YPF as bidding in Argentina’s biggest privatization has surpassed all expectations. The government is selling an initial 35% stake in YPF worldwide. Besides the 25 million shares being offered in Argentina--worth about $500 million--the government is also selling 52.5 million shares in the United States and 32.5 million elsewhere. U.S. investors have bid for about $4.5 billion worth of shares, banking sources said, but the Argentine government is offering only $1.05 billion worth of the stock in the United States.