SEAGRAM TURNS ON THE JUICE AND BUYS DOLE BEVERAGES

     The Seagram Company announced yesterday that it will pay
$285M in cash for Dole Food Company's juice business -- extending
the domestic fruit beverage market share of Seagram's Tropicana
brand from 13.1% to approx. 16%.  "This would bring Tropicana
closer to the 19.5 percent share the Coca-Cola Company holds
through Minute Maid, Hi-C and other brands."  The deal includes
Dole's juice plants in the U.S. and Europe, as well as production
agreements in Japan and China, but does not include Dole's canned
pineapple juice operations (Glenn Collins, N.Y. TIMES, 1/6).
     HIGHER EARNINGS EXPECTED FOR COCA-COLA AND PEPSICO:
"Continuing to benefit from strong U.S. sales," Coca-Cola and
PepsiCo "are expected to report higher fourth-quarter earnings
and gains in volume."  Net income for Coca-Cola is estimated to
jump 22% with an 11% gain in international volume, while PepsiCo
"should report an increase in profit of about 15%."  Coca-Cola
Enterprises Inc. "is expected to post flat results."  Overall,
domestic soft-drink sales are "benefiting from new packaging,
such as Coke's contour bottle; discounting in supermarket aisles;
and the growth of noncarbonated drinks such as teas and sports
drinks" (Laurie Grossman, WALL STREET JOURNAL, 1/6).