NIPPON KOKAN STEEL AFFILIATES CONSIDERING MERGER

WALLENBERGS FIGHT BID FOR SWEDISH MATCH STAKE

<SHV (United Kingdom) Holding Co Ltd>
said it was making a tender offer for up to 33 mln ordinary
shares in Imperial Continental Gas Association.<ICGS.L>.
    It said in a statement the offer was on the basis of 700p
for each IC Gas ordinary and 252p for every one stg nominal of
IC Gas loan stock.
    SHV already holds 6.8 mln IC Gas ordinary stock units
representing around 4.9 pct of the current issued share
capital.
    Successful completion of the offer would increase SHV's
stake in IC Gas to 39.8 mln shares, representing around 27.9
pct of issued share capital, it said.
    The offer capitalises IC Gas at around one billion stg.
    It said it was tendering for both ordinary stock and loan
stock, which when fully converted, gave a total of 33 mln IC
Gas ordinary. It is making the tender offer through N.M.
Rothschilds.
    IC Gas said in a statement it noted the SHV tender offer
and the terms were being considered.
    It said a further statement would be made as soon as
possible.
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SHV SAYS IT MAKING TENDER OFFER FOR IC GAS

<Sale Tilney Plc> said it has purchased
80 pct of the ordinary share capital of <B and R International
Inc.>, a U.S. Insurance broker, for 5.6 mln dlrs.
    Sale is paying 3.6 mln dlrs in cash on completion, with the
balance plus interest to be paid in equal instalments over the
next six years.
    B and R posted pretax profit of 855,000 dlrs in the year to
Dec 31, 1986 when it had net tangible assets of 563,000 dlrs.
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SALE TILNEY BUYS STAKE IN U.S. INSURANCE BROKER

<Exco International Plc>, a subsidiary of
British and Commonwealth Shipping Co Plc <BCOM.L>, said it had
agreed in principle to buy an 80 pct stake in <RMJ Holdings
Corp> for about 79 mln dlrs.
    Exco Chairman Richard Lacy told Reuters the acquisition was
being made from Bank of New York Co Inc <BK.N>, which currently
holds a 50.1 pct, and from RMJ partners who hold the remainder.
    Bank of New York and the partners will retain about 10 pct
each and these stakes will be bought over the next six years.
    RMJ is the holding company of RMJ Securities, one of the
largest U.S. Government securities brokers.
    It is also involved in broking notes, obligations and other
instruments sponsored by U.S. Federal agencies.
    Lacy said Exco had been considering buying a U.S.
Government securities broker for the past four years and had
made an offer for RMJ when it was sold by Security Pacific Corp
<SPC.N> in 1985. RMJ was then valued at about 50 mln dlrs.
    B and C managing director Peter Goldie said RMJ would be
bought at about the same multiple as Exco, suggesting net
income of around 16 mln dlrs.
    The company's earnings had not been hit by the halving of
brokerage fees some 14 months ago as volumes had since doubled.
    Lacy said that RMJ employed some 300 people, with 200 in
the brokerage business and about 70 in its <SMS> unit, which
provided computer software for the financial services
community.
    RMJ Securities had offices in New York, where total market
turnover of U.S. Government securities was 110 billion dlrs a
day, and in London where it has 15 billion.
    It was also given permission last week to open an office in
Tokyo where total market turnover had lifted rapidly to about
five billion dlrs a day.
    The acquisition would contribute between five and 10 pct of
B and C's share earnings in 1987 on a proforma basis.
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