SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:
September 12, 1996
SALOMON INC
(Exact name of registrant as specified in its charter)
Delaware I-4346 22-1660266
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
Seven World Trade Center, New York, New York 10048
(Address of Principal Executive Offices) (Zip Code)
(212) 783-7000
(Registrant's Telephone No.)
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Item 5. Other Events
On September 12, 1996, the Registrant issued a press release, a copy of
which is filed herewith as Exhibit 99 and incorporated herein by
reference in its entirety.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Salomon Inc
(Registrant)
Date: September 12, 1996 By: /s/ Richard J. Carbone
Controller
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SALOMON INC
Contact: Robert F. Baker
212-783-6299
For Immediate Release
NEW YORK, September 12, 1996 - Berkshire Hathaway has advised us that, as
described in a Schedule 13D filing made by it today, it presently expects to
convert its 1996 tranche of 140,000 Salomon Inc preferred shares. Berkshire has
also stated in the Schedule 13D that it might, at some point in the future, sell
notes exchangeable for Salomon Inc common stock at a premium above the market
price of such stock at the time the notes were issued. At Berkshire's request we
have filed with the Securities and Exchange Commission a shelf registration
statement that, when effective, would permit Berkshire to deliver Salomon Inc
common stock in exchange for $400 million of notes that it might sell. We
understand from Berkshire that whether any such transaction is effected will
depend on the specific price and terms that are available in the context of
market conditions. Even if Berkshire concludes, as its 13D filing said it might,
to effect the exchangeable notes transaction or otherwise to dispose of some of
its Salomon Inc common stock, Berkshire has stated that it expects to remain a
large shareholder and that Warren Buffett and Charles Munger expect to remain on
the Board. Robert E. Denham, Salomon Inc's CEO, stated: "We are pleased to
receive early advice of Berkshire Hathaway's expectation that it will convert
the 1996 tranche of convertible preferred stock. We look forward to Berkshire
remaining a large shareholder and to continuation of the contributions of Warren
Buffett and Charles Munger on our Board."
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(Footnote)
A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This communication shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any State in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such State. A copy of the prospectus may be
obtained by contacting the Salomon Equity Syndicate Desk.
