Sir Edward Peacock, who arrived in the U.S. in January to knock down Great Britain's investments in privately-owned American corporations (TIME, Jan. 20), took his biggest step first this week. His initial sale: huge American Viscose Corp., world's largest rayon manufacturer.
As a private company (95% held by Britain's Courtaulds, Ltd.), American Viscose has made no financial reports. But the trade knows it has been a consistent money maker, estimates that the company is worth $100-$150,000,000.
Purchaser is an investment-banking syndicate headed by Morgan, Stanley & Co., Inc. and Dillon, Read & Co. which will pay $40,000,000 down and...
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