Also. . .

* Diageo said it is putting up for sale several brands of its Pillsbury unit in the U.S., including Pet evaporated milk, Underwood canned meat, B&M; baked beans, Accent flavor enhancer, Las Palmas Mexican food and Joan of Arc canned beans. The divestment leaves the division to concentrate on its international brands of Pillsbury bakery products, Haagen-Dazs ice cream, Green Giant vegetables and Old El Paso Mexican food.

* Abitibi-Consolidated Inc., the world’s largest newsprint maker, joined Norske Skogindustrier of Norway and Hansol Paper Co. of South Korea in a $1-billion alliance to create Asia’s biggest newsprint company outside Japan. Each company will own a third of the venture, which will purchase Hansol’s South Korean and Chinese newsprint businesses for $1 billion.

* Fairchild Corp. said it is spinning off its aerospace manufacturing business in an attempt to create a more narrowly focused company. The business, which makes the special fasteners that hold pieces of an airplane’s frame together, accounts for nearly two-thirds of Fairchild’s annual revenue, which analysts expect to reach $679 million for the year ending June 30.

* Time Warner Inc. delayed a $175-million initial sale of shares in its local telephone business, blaming the poor reception investors have given recent stock debuts. Time Warner had planned to sell the minority stake in Time Warner Telecom Inc. to develop the unit as it competes in providing services to medium-sized and large businesses.