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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
POLAROID CORP.
(Name of Issuer)
Common Stock, $1.00 Par Value
(Title of Class of Securities)
731095105
(CUSIP Number)
Check the following box if a fee is being paid with this statement [X]. (A
fee is not required only if the filing 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).
*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 the disclosures provided in a prior cover page.
The information required in 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 1 of 6 Pages
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CUSIP No. 731095105 13G
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harris Associates L.P. 04-3276558
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
Not Applicable (b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_______________
|
NUMBER OF | 5. SOLE VOTING POWER
|
SHARES | None
|
BENEFICIALLY | 6. SHARED VOTING POWER
|
OWNED BY | 5,175,050
|
EACH | 7. SOLE DISPOSITIVE POWER
|
REPORTING | 1,783,150
|
PERSON | 8. SHARED DISPOSITIVE POWER
|
WITH | 3,391,900
_______________|
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,175,050
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
Not Applicable
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.28%
12. TYPE OF REPORTING PERSON*
IA
Page 2 of 6 pages
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CUSIP No. 731095105 13G
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Harris Associates Inc. 04-3276549
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
Not Applicable (b) [ ]
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_______________
|
NUMBER OF | 5. SOLE VOTING POWER
|
SHARES | None
|
BENEFICIALLY | 6. SHARED VOTING POWER
|
OWNED BY | 5,175,050
|
EACH | 7. SOLE DISPOSITIVE POWER
|
REPORTING | 1,783,150
|
PERSON | 8. SHARED DISPOSITIVE POWER
|
WITH | 3,391,900
_______________|
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
5,175,050
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
Not Applicable
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.28%
12. TYPE OF REPORTING PERSON*
CO
Page 3 of 6 pages
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Item 1(a) Name of Issuer:
Polaroid Corp.
Item 1(b) Address of Issuer's Principal Executive Offices:
549 Technology Square
Cambridge, MA 02139
Item 2(a) Name of Person Filing:
Harris Associates L.P. ("Harris")
Harris Associates, Inc.(the "General Partner")
Item 2(b) Address of Principal Business Office:
Both Harris and the General Partner maintain
their principal offices at:
Two North LaSalle Street, Suite 500
Chicago, Illinois 60602-3790
Item 2(c) Citizenship:
Harris is a Delaware limited partnership.
The General Partner is a Delaware corporation.
Item 2(d) Title of Class of Securities:
Common Stock, $1.00 Par Value (the "Shares")
Item 2(e) CUSIP Number:
731095105
Item 3 Type of Person:
(e) Harris is an Investment Adviser registered under
Section 203 of the Investment Advisers Act of
1940.
The General Partner is the sole general
partner of Harris.
Item 4 Ownership (at November 30, 1996):
(a) By reason of advisory and other relationships with
the persons who own the Shares, Harris may be
deemed to be the beneficial owner of the following
Shares:
5,175,050
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(b) Percent of class:
(based on 46,426,000 Shares outstanding)
11.28%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
None
(ii) shared power to vote or to direct the
vote: 5,175,050
(iii) sole power to dispose or to direct the
disposition of: 1,783,150
(iv) shared power to dispose or to direct the
disposition of: 3,391,900
Harris has been granted the power to vote shares in
circumstances it determines to be appropriate in
connection with assisting its advised clients to whom
it renders financial advice in the ordinary course of
its business, by either providing information or advice
to the persons having such power, or by exercising the
power to vote when it determines such action
appropriate in connection with matters which are
submitted to a security holder's vote.
In addition, Harris serves as investment adviser to The
Oakmark Fund ("Oakmark Fund"), a series of the
Harris Associates Investment Trust (the "Trust") and
various of Harris' officers and directors are also
officers and trustees of the Trust. Harris does not
consider that the Trust is controlled by such persons.
3,378,800 Shares are beneficially owned by Oakmark Fund
an are included as Shares over which Harris has shared
voting and dispositive power and thus are Shares
beneficially owned by Harris, because of Harris' power
to manage the Trust's investments. In addition, other
Harris customers may own Shares which are not included
in the aggregate number of Shares reported herein
because Harris is not deemed the beneficial owner
(as defined in Rule 13d-3) of such Shares.
Item 5 Ownership of Five Percent or Less of a Class:
Not applicable
Item 6 Ownership of More than Five Percent on Behalf of Another
Person:
The Common Stock reported herein has been acquired on
behalf of discretionary and other advisory clients of
Harris. Of the, 3,391,900 Shares of Common stock
indicated as "shared power to dispose or direct the
disposition of" 3,378,800 are owned by Oakmark Fund
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<PAGE> The remainder of common stock reported herein is
owned by discretionary clients of Harris. Persons
other than Harris are entitled to receive all
dividends from, and proceeds from the sale of, the
securities reported herein. Oakmark Fund, as
described Item 4, is presently the only party
which has an interest relating to more than five
percent of the class of such securities.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company:
Not Applicable
Item 8 Identification and Classification of Members of the Group:
Not Applicable
Item 9 Notice of Dissolution of Group:
Not Applicable
Item 10 Certification:
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and
were not acquired for the purpose of and do not have the
effect of changing or influencing the control of the
issuer of such securities and were not acquired in
connection with or as a participant in any transaction
having such purpose or effect.
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: December 6, 1996
Harris Associates, Inc., for itself and,
as general partner for Harris Associates
L.P.
By:/s/Donald Terao
Donald Terao
Secretary and Treasurer
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