	camco signs letter of intent for reed tool pearson plc pson l said camco inc its pct owned u s oil and oil services subsidiary signed a letter of intent covering camco s purchase from baker international corp bko n of substantially all the business of reed tool co reed a leading manufacturer of drilling bits had sales for of around mln dlrs the transaction is subject to negotiation of a definitive agreement approved by the baker and camco boards and by the u s department of justice with which talks are already taking place concerning the combination of baker and hughes tool baker international has proposed a merger with hughes tool which could create a billion dlr oilfield services company pearson shares were down p to after the announcement reuter 
