Texaco and General Motors Corp. announce Texaco's intent to acquire GM's share of a joint venture that has developed an advanced battery technology for the automotive market. Under the terms of the memorandum of understanding, Texaco will acquire GM's 60% share of an existing joint venture with Energy Conversion Devices (ECD), a company in which Texaco already holds a 20% interest. GM and Ovonic Battery Co., a subsidiary of ECD, formed the joint venture — GM Ovonic — in 1994 to ...

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