In Brief: GE Capital Reducing PaineWebber Holding

PaineWebber Group Inc. is repurchasing some of its stock from General Electric Capital Services.

The General Electric unit got the stock in 1994 in exchange for stock of Kidder Peabody, which PaineWebber was acquiring.

The sale will reduce GE Capital's holdings of PaineWebber common voting stock to 15.5 million shares, from 21.5 million. GE Capital will own about 23% of PaineWebber on a fully diluted basis and retain a representative on PaineWebber's board.

John F. Welch Jr., chairman and chief executive officer of General Electric Co., said, "We are very pleased with our investment in PaineWebber and intend to continue as a long-term shareholder."

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