Universal Says Assessing Offer for Non-Tobacco Ops

Source from:  LOS ANGELES, March 13 (Reuters) 03/15/2006

Tobacco leaf producer Universal Corp.(UVV.N: Quote, Profile, Research) said on Monday that it has been in discussions over an offer for a substantial portion of its non-tobacco operations. The company said there was "no assurance that such discussions will ultimately result in a transaction." The company also said in a statement that an investigation directed by the company's audit committee revealed that approximately $1 million in payments over a five-year period may have violated the U.S. Foreign Corrupt Practices Act. Universal said the company has begun corrective actions that are continuing. The issue stemmed from a posting to the company's ethics hotline that alleged improper activities relating to certain of the company's subsidiaries. Enditem