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Cut sought in Polygram price

Seagram seeks reduction on $10.6 mil agreement

Seagram Co. has been pressing Philips Electronics to accept a slight reduction in the $10.6 billion price the company agreed last month to pay for Polygram, sources said Sunday.

A published report said the Philips board was meeting over the weekend to decide whether to accept the price reduction, but this could not be confirmed.

Concerns about the deal sent Polygram’s stock price down on Friday. For that story, see page 10.

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