ITT to Sell Alcatel Stake for $3.6 Billion
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<i> Associated Press</i>
PARIS — ITT Corp. has agreed to sell its 30% stake in the telecommunications manufacturing giant Alcatel NV for about $3.6 billion in cash and stock, officials announced Tuesday.
The stake is being sold to Alcatel Alsthom SA, which already owns the rest of Alcatel. Alcatel Alsthom has interests in energy, transportation and communications.
The deal ends ITT’s involvement in the telephone industry. ITT said it will receive $2.6 billion in cash in three installments through 1994.
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