JACOBS SELLS STAKE IN GILLETTE &lt;GS>
  Minneapolis investor Irwin Jacobs said he
  sold the stake he held in Gillette Co &lt;GS> after deciding that
  he could not force Gillette to accept a 47 dlr a share takeover
  bid made by Revlon Group Inc &lt;REV>.
      Revlon's bid expired last week after being repeatedly
  rejected by Gillette. Jacobs had earlier considered waging a
  proxy fight over Gillette.
      Jacobs told Reuters he sold the Gillette stake, which he
  called "substantial" but under five pct, a few weeks ago over a
  period of several days. He said he sold the stock at a profit,
  but did not disclose the selling price.
      Gillette's stock was at 24-1/8, up 1/8, in morning trade,
  off the high of 45-7/8 reached after Revlon announced its bid.
      Jacobs said he sold his Gillette stake based on an
  "investment decision. I surely did not see this happening," he
  said of Monday's stock market free-fall.
      A Gillette spokesman said the mpany had no comment.
      Jacobs said he and fellow investor Carl Pohlad continue to
  hold a stake in Allegheny International Inc &lt;AG>. In August
  they disclosed in a Securities and Exchange Commission filing
  that they had acquired 854,900 shares, or 7.9 pct, of Allegheny
  and would consideer seeking control of the company.
  

