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FTC Waives Termination Avondale Takeover Wait

Maritime Activity Reports, Inc.

July 7, 1999

The Federal Trade Commission granted early termination of the waiting period required under federal law for its proposed sale of Avondale Industries Inc. to Litton Industries Inc. The $529 million merger of the two military shipbuilders is subject to approval by Avondale shareholders at a July 27 meeting, after which the deal is scheduled to close.

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