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Tenneco delays IPO for PCA
October 25, 1999: 2:47 p.m. ET

Sour market conditions shelve plan to offer 45% of Packaging Corp. of America
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NEW YORK (CNNfn) - Tenneco Inc. said Monday it will put off a planned public offering of its stake in containerboard maker Packaging Corp. of America, citing the poor stock market conditions for paper-related companies.
     Tenneco owns 45 percent of privately-held PCA through its Tenneco Packaging division, and first announced plans to sell its stake in September in an offering to raise about $132.6 million.
     Tenneco said it will sell the PCA stake when market conditions improve. It was expected to be listed under the ticker PKG on the New York Stock Exchange.
     Meanwhile, Greenwich, Conn.-based Tenneco said it still plans to separate the packaging arm from its auto parts unit, Tenneco Automotive, the maker of Monroe shock absorbers, on Nov. 4.
     Shares of Tenneco (TEN), which is expected to report its latest quarterly earnings Tuesday, fell 3/16 to 14-1/2 in early afternoon trading. Back to top

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