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FOREIGN INVESTMENT UP SHARPLY

Foreign investors spent $65 billion to acquire or establish U.S. businesses last year, up sharply from the $40.3 billion spent in 1987, the government reported today.

The Commerce Department attributed the 61.3 percent increase in spending last year to a surge in large transactions, with the number of investments worth $1 billion doubling from six to 12 in 1988.

Those 12 investments accounted for 80 percent of the increase in spending last year.

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