Calgene Inc. said Wednesday that it issued nearly 4.1 millioncommon shares to satisfy conversion of its $2.25 preferredstock, which the company called for redemption last month.

Calgene (NASDAQ:CGNE) of Davis, Calif., now has 22.1 millionshares outstanding and no preferred stock. The companyexpects to save slightly less than $3 million a year on quarterlypayments on the preferred stock.

All but 4,159 of Calgene's 1.2 million preferred shares werepresented for conversion into 3.28 common shares each byTuesday. Each unconverted preferred share was redeemed at$26.58.

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