Investments: Two-Way Traffic

While U.S. business is busily investing abroad, a French industrial giant last week launched an invasion of the U.S. Out to acquire a controlling 40% interest in New York's Howe Sound Co., France's Pechiney, the biggest aluminum producer in Europe, offered to buy up to 1,300,000 shares of Howe Sound common at $15 a share ($4 above the previous closing price). Pechiney is principally interested in Howe Sound's Quaker State Metals division, which can roll out 120 million Ibs. of aluminum sheet and strip a year, but is also eager to get control of Howe's copper and brass rolling...

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