UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 6)*
CROWN CORK & SEAL COMPANY, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $5.00 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
Common Stock: 228 255
---------------------
(CUSIP Number)
Michel Renault Copy to: Allan M. Chapin
General Counsel Sullivan & Cromwell
Compagnie Generale d'Industrie 125 Broad Street
et de Participations New York, N.Y. 10004
89 rue Taitbout (212) 558-4000
75009 Paris, France
(011) 331-4285-3000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 10, 1998
----------------------------------------
(Date of Event which Requires Filing of this Statement)
If a filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
- ---------------------------------------------
CUSIP NO. 228 255 (Crown Common Stock)
- ---------------------------------------------
- -------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Compagnie Generale d'Industrie et de Participations
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. SOURCE OF FUNDS Not applicable
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e) [ ]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
France
- -------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0 shares of Crown Common Stock
SHARES
BENEFICIALLY ---------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH 6,599,577 shares of Crown Common Stock
REPORTING
PERSON ---------------------------------------------------------
WITH 9. SOLE DISPOSITIVE POWER
0 shares of Crown Common Stock
---------------------------------------------------------
10. SHARED DISPOSITIVE POWER
6,599,577 shares of Crown Common Stock
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 6,599,577 shares of Crown Common Stock
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3% of Crown Common Stock
- -------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO; HC
(Page 2 of 8)
<PAGE>
- ---------------------------------------------
CUSIP NO. 228 255 (Crown Common Stock)
- ---------------------------------------------
- -------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Marine-Wendel
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. SOURCE OF FUNDS Not applicable
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e) [ ]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
France
- -------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0 shares of Crown Common Stock
SHARES
BENEFICIALLY ---------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH 6,599,577 shares of Crown Common Stock
REPORTING
PERSON ---------------------------------------------------------
WITH 9. SOLE DISPOSITIVE POWER
0 shares of Crown Common Stock
---------------------------------------------------------
10. SHARED DISPOSITIVE POWER
6,599,577 shares of Crown Common Stock
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 6,599,577 shares of Crown Common Stock
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3% of Crown Common Stock
- -------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO; HC
(Page 3 of 8)
<PAGE>
- ---------------------------------------------
CUSIP NO. 228 255 (Crown Common Stock)
- ---------------------------------------------
- -------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wendel-Participations
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. SOURCE OF FUNDS Not applicable
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e) [ ]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
France
- -------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0 shares of Crown Common Stock
SHARES
BENEFICIALLY ---------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH 6,599,577 shares of Crown Common Stock
REPORTING
PERSON ---------------------------------------------------------
WITH 9. SOLE DISPOSITIVE POWER
0 shares of Crown Common Stock
---------------------------------------------------------
10. SHARED DISPOSITIVE POWER
6,599,577 shares of Crown Common Stock
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 6,599,577 shares of Crown Common Stock
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3% of Crown Common Stock
- -------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO; HC
(Page 4 of 8)
<PAGE>
- ---------------------------------------------
CUSIP NO. 228 255 (Crown Common Stock)
- ---------------------------------------------
- -------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Societe de Gerance de Valeurs Mobilieres
- -------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X ]
- -------------------------------------------------------------------------------
3. SEC USE ONLY
- -------------------------------------------------------------------------------
4. SOURCE OF FUNDS Not applicable
- -------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e) [ ]
- -------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
France
- -------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0 shares of Crown Common Stock
SHARES
BENEFICIALLY ---------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER
EACH 6,599,577 shares of Crown Common Stock
REPORTING
PERSON ---------------------------------------------------------
WITH 9. SOLE DISPOSITIVE POWER
0 shares of Crown Common Stock
---------------------------------------------------------
10. SHARED DISPOSITIVE POWER
6,599,577 shares of Crown Common Stock
- -------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 6,599,577 shares of Crown Common Stock
- -------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
- -------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.3% of Crown Common Stock
- -------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO; HC
(Page 5 of 8)
<PAGE>
This Amendment No. 6, dated July 24, 1998, amends the Schedule 13D,
dated February 15, 1996, as amended and supplemented by Amendments Nos. 1, 2, 3,
4 and 5 thereto, dated September 26, 1996, October 24, 1996, October 30, 1996,
February 5, 1998, and March 2, 1998 respectively (collectively, the "Schedule
13D"), filed on behalf of Compagnie Generale d'Industrie et de Participations
("CGIP"), Marine-Wendel ("Marine-Wendel"), Wendel-Participations
("Wendel-Participations") and Societe de Gerance de Valeurs Mobilieres ("SGVM")
(collectively, the "Reporting Persons"), by adding the following additional
information:
Item 4. Purpose of Transaction
The following is hereby added after the last paragraph of Item 4:
On July 10, 1998, CGIP entered into an agreement (the "Share Swap
Transaction") with Morgan Guaranty Trust Company of New York ("Morgan
Guaranty"), the terms of which are described in Item 6.
Item 5. Interest in Securities of the Issuer
The following is hereby added after the last paragraph of Item 5:
On July 10, 1998, CGIP entered into the Share Swap Transaction with
Morgan Guaranty, the terms of which are described in Item 6.
CGIP continues to own 6,599,577 shares of Crown Common Stock
(representing approximately 5.3% of the 124,429,856 Crown Common Shares
outstanding as of April 30, 1998).
Item 6. Contracts, Arrangements, Understandings or
Relationships With Respect to Securities of the Issuer
The following is hereby added after the last paragraph of Item 6:
Pursuant to the Share Swap Transaction, CGIP agreed to pay Morgan Guaranty on
July 20, 1999 the result, if a positive amount, of (a) the product of (1) the
arithmetic mean of the closing price on the New York Stock Exchange of Crown
Common Shares during the period from February 23, 1999 to July 15, 1999
multiplied by 6,599,577 Crown Common Shares and (2) the US$/French franc
exchange rate at the close of business on July 20, 1999 minus (b)
1,812,446,781.00 French francs, an amount equivalent to the product of (1) the
deemed value of 6,599,577 Crown Common Shares on July 10, 1998 and (2) the
US$/French franc exchange rate at the close of business on July 10, 1998. Morgan
Guaranty agreed to pay CGIP the result of the above formula if such result is a
negative number. CGIP also agreed to pay Morgan Guaranty on each Payment Date
(as hereinafter defined) the gross dividends per Share of Crown, which were paid
with respect to each period ending on such Payment Date times 6,599,577 Shares.
(Page 6 of 8)
<PAGE>
Morgan Guaranty also agreed to make certain interest payments to CGIP on October
15, 1998, January 15, 1999, February 26, 1999 and July 20, 1999 (each a "Payment
Date").
During the term of the Share Swap Transaction, from July 15, 1998 until
July 20, 1999, CGIP will not create, incur, assume, or suffer to exist any
mortgage, pledge, security interest, encumbrance, lien or charge of any kind
whatsoever with respect to the Crown Cork Common Shares and except pursuant to
the Share Swap Transaction, CGIP will not, directly or indirectly, sell the
shares (including any short sales) or enter into any agreement, contract,
arrangement or understandings to sell or purchase or sell any put or call
options or other derivative transactions with respect to the shares or enter
into any agreements, contracts, arrangements or understandings providing for the
alteration of CGIP's investment risk with respect to the shares.
CGIP may elect to terminate the Share Swap Transaction on February 23,
1999 with three days prior notice to Morgan Guaranty. Upon such election, Morgan
Guaranty will provide CGIP with its quotation for the amount in French francs
that it will pay CGIP or require CGIP to pay to it in consideration of an
agreement to terminate each party's obligations under the Share Swap
Transaction. CGIP will have discretion to accept or reject Morgan Guaranty's
quotation as it sees fit.
In the event CGIP elects an early termination on February 23, 1999,
Morgan Guaranty or one of its affiliates if requested by CGIP three or more
business days before February 23, 1999 will purchase from CGIP or one of its
affiliates on February 23, 1999, CGIP's 6,599,577 shares of Crown Common Stock.
The price shall be defined so that the proceeds of the sale of the 6,599,577
shares by CGIP plus the amount payable by Morgan Guaranty to CGIP in
consideration of the early termination less the amount payable by CGIP to Morgan
Guaranty in consideration of the early termination will equal the French franc
equivalent value of 6,599,577 Crown Cork Common Shares at the close of trading
on July 15, 1998.
Item 7. Material to be Filed as Exhibits
Description Exhibit
Letter agreement relating to Share Swap
Transaction, dated July 10, 1998, between A
CGIP and Morgan Guaranty.
Letter agreement relating to Morgan Guaranty's
covenant to purchase 6,599,577 Crown Cork Common
Shares from CGIP on February 23, 1999 at CGIP's B
request, if CGIP elects early termination of the
Share Swap Transaction.
(Page 7 of 8)
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: July 24, 1998
Compagnie Generale d'Industrie et de Participations
By: /s/ E. Seilliere
------------------------------------------------
Name: Ernest-Antoine SEILLIERE
Title: Chairman and CEO
Marine-Wendel
By: /s/ E. Seilliere
------------------------------
Name: Ernest-Antoine SEILLIERE
Title: Chairman and CEO
Wendel-Participations
By: /s/ L. Moustier
----------------------------
Name: Louis-Amedee de MOUSTIER
Title: Managing Director
Societe de Gerance de Valeurs Mobilieres
By: /s/ L. Moustier
----------------------------
Name: Louis-Amedee de MOUSTIER
Title: Chairman and CEO
(Page 8 of 8)
CGIP
Paris, le July 10, 1998
MORGAN GUARANTY TRUST COMPANY
OF NEW YORK
60 Wall Street
NEW YORK, N.Y. 10260-0060
c/o Mr Bertrand de VILLENEUVE
Paris Branch
14 place Vendome
75001 PARIS
In connection with the Equity Swap Transaction (the "Swap Transaction") dated
July 10, 1998, between Compagnie Generale d'Industrie et de Participations
("CGIP") and Morgan Guaranty Trust Company of New York ("Morgan"), relating to
6 599 577 shares of common stock of CROWN CORK AND SEAL (the "Shares"), CGIP
convenants that during the term of the Swap Transaction:
(i) CGIP will no later than the Effective Date of the Swap Transaction
transfer the Shares to a brokerage account maintained at J.P. Morgan
Securities Inc. in the name of CGIP and CGIP shall maintain the Shares in
such account;
(ii) CGIP will not create, incur, assume, of suffer to exist any mortgage,
pledge, security interest, incumbrance, lien or charge of any kind
whatsoever, with respect to the Shares; and
(iii) Except pursuant to the Swap Transaction, CGIP will not, directly or
indirectly, sell the Shares (including any short sales) or enter into any
agreement, contract, arrangement or understandings to sell or purchase or
sell any put or call options or other derivative transactions with
respect to the Shares or enter into any agreements, contracts,
arrangements or understandings providing for the alteration of CGIP's
investment risk with respect to the Shares.
CGIP agrees that the failure to comply with any of the covenants contained
herein shall be deemed to be a breach of an agreement or covenant which will
give rise to an Early Termination Event under the Master Agreement dated as of
November 5, 1996 between CGIP and Morgan and CGIP shall be deemed to be a
Defaulting Party thereunder.
<PAGE>
CGIP
Morgan acknowledges the consent of CROWN CORK AND SEAL to the Swap Transaction
attached as annex A hereto. Morgan hereby agrees to abide by the terms of such
consent applicable to Morgan.
Any capitalized terms not defined herein shall have the meaning given to such
terms in the Swap Transaction.
COMPAGNIE GENERALE D'INDUSTRIE
ET DE PARTICIPATIONS - CGIP
Attached By: /s/ JANODET
-----------------------------------
Name: JANODET
Title: Executive Vice-President
By: /s/ MOULIN
-----------------------------------
Name: MOULIN
Title:
MORGAN GUARANTY TRUST COMPANY
OF NEW YORK
By: /s/ JEROME LAZARE
------------------------------
JEROME LAZARE
VICE PRESIDENT
JP MORGAN
J.P. Morgan Compagnie Generale d'Industrie et de Participations
Securities Ltd. 89, rue Taitbout
75009 Paris
P.O. Box 161
60 Victoria Embankment
London EC4Y 0JP
Direct: To the attention of Mr. Jean-Marc Janodet
Operator: 0171-600-2300
Fax:
10 July, 1998
Dear Sirs,
Compagnie General D'Industrie et de Participation
("CGIP") and Morgan Guaranty Trust Company of New York
("Morgan") have entered into an Equity Swap Transaction
with Morgan dated July 10, 1998 (the "Swap
Transaction") relating to 6,559,577 shares of common
stock (the "Number of Shares") of Crown Cork & Seal
("CCK"). Capitalized terms not defined herein shall
have the meaning provided in the Swap Transaction.
In connection with the Swap Transaction, in the event
CGIP elects an early termination on February 23, 1998
(the "Early Termination Date") as provided for in the
Swap Transaction, Morgan agrees that if requested by
CGIP, Morgan or one of its affiliate will purchase from
CGIP or one of its affiliates on the Early Termination
Date an amount of shares of CCK equal to the Number of
Shares at a price defined so that:
- the proceeds of the sale of these shares by CGIP or one
of its affiliate to an affiliate of Morgan;
- plus the Equity Amount payable by Morgan to the
Counterparty on the Early Termination Date;
- less the Equity Amount payable by the Counterparty to
Morgan on the Early Termination Date;
- is equal to the Equity Notional Amount.
<PAGE>
JP MORGAN
Morgan and CGIP agree that in the event CGIP has
elected to cause Morgan (or one of its affiliate at the
option of Morgan), to purchase such shares of CGIP, the
Swap Transaction shall terminate and the parties shall
have no further obligations thereunder (except with
respect to any payments then due and owing on the Early
Termination pursuant to the Swap Transaction). CGIP
agrees to provide Morgan with three business days prior
notice of its election of its right to cause an
affiliate of Morgan to purchase the shares of CCK as
provided above.
Yours sincerely,
J.P. MORGAN SECURITIES LTD. AS AGENT FOR
MORGAN GUARANTY TRUST COMPANY OF NEW YORK
By:
Name: /s/ JEROME LAZARE
-------------------------------
JEROME LAZARE
VICE PRESIDENT
Title:
