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Friday 23rd June 2000

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THUMBS DOWN: Sharemarkets delivered a thumbs down to the planned $US34 billion takeover of Canadian film, music and drinks business Seagram by French media, communications and utilities group Vivendi. Share prices in both companies have dropped, even as UK liquor group Allied Domecq confirmed it was interested in Seagram's wine and spirits business.

SPRINT SALE: WorldCom is preparing to dispose of Sprint's internet and long-distance telephone operations to meet US and European objections over its $US115 billion purchase of the rival US telecommunications business. The Sprint disposal would raise $US40-45 billion.

OIL BOOST: Opec members meeting in Vienna agreed to lift daily crude oil production by 708,00 barrels to a total output of 25.4 million bbl from July 1 in a bid to cool an overheated market that has seen prices triple in 12 months to over $US30/bbl.

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