For Dupont, Christmas In April

Early last fall, when Edgar Bronfman Jr. first called DuPont Co. CEO Edgar S. Woolard Jr. to propose selling most of Seagram Co.'s 24.2% stake back to the chemical giant, Woolard couldn't believe his ears. And no wonder: After a three-year slog, the tough shake-up Woolard had ordered at the chemical maker was finally paying off. With costs down, cash flow soaring, and record earnings on the way, it hardly seemed the moment to sell.

But if it was an odd time to sell, it was a great time to buy, and Woolard was happy to oblige. For much of 1994, he had been searching for a way to get some of DuPont's growing cash pile into shareholders' hands, and Wall Street was anticipating a buyback. Now, Bronfman, desperate to cash in his DuPont chips to move into entertainment, was handing Woolard a can't-miss deal.