May 18, 1984

Walt Disney Productions, in an apparent move to avoid being taken over, said today that it had agreed to acquire the Arvida Corporation, a prospering community and resort developer, for $200 million in newly issued stock. Disney has been the subject of takeover rumors for weeks. Saul Steinberg, chairman of the Reliance Group, owns 12.1 percent of Disney's common shares and has said he intends to acquire up to 25 percent of the company. Ron Miller, Disney's president and chief executive, said at a news conference today that the Arvida acquisition had not been taken to thwart Mr. Steinberg. However, the Bass brothers of Texas control 70 percent of Arvida's stock, which is privately held, and could receive a stake of as much as 6.9 percent in Disney through the Arvida sale.

The Government action is its biggest, most complete defense of a troubled bank. Page D15. CHICAGO, May 17 - Unable to stem an outflow of billions of dollars in deposits and mired in persistent rumors that it was about to fail, the Continental Illinois National Bank and Trust Company today won support for the biggest aid package ever assembled by the Federal Government. The assistance - $2 billion in new capital and an expanded line of credit for $5.5 billion - will continue until a permanent solution to the bank's problems is achieved or until a buyer can be found to take it over. In addition, the Federal Reserve System, which supervises the nation's commercial banks, has agreed to meet any ''extraordinary liquidity requirments,'' Continental said.

An article in some editions yesterday about an art sale at Christie's misidentified the purchaser of Manet's ''Portrait of Madame Brunet'' and incorrectly described his output of figure paintings. The work was sold to a foundation in the Boston area that prefers anonymity, and it will be on long-term loan to the Boston Museum of Fine Arts. He produced many figure paintings; this was one of the few still in private hands, according to Christie's.

Ignoring a last-minute plea from President Reagan, the House of Representatives voted overwhelmingly today to reject a $95 million proposal for a new nerve gas weapon. The vote, 247 to 179, came on an amendment sponsored by Representative Ed Bethune, an Arkansas Republican. The money was eliminated from a $208 billion authorization bill for the Defense Department as the House debated the legislation for a third day and then recessed for the weekend. In addition, Congressional officials said today that a Senate subcommittee had given Mr. Reagan another setback by approving funds in a closed session for only 21 MX missiles, instead of the 40 the President had requested for the 1985 fiscal year.

Interest rates rose yesterday, despite a generous provision of credit to the banking system resulting from loans to the Continental Illinois National Bank and Trust Company by the Federal Reserve Bank of Chicago. The Continental Illinois crisis and the large loans made to the bank by the Fed have added to confusion in the credit markets, where interest rates have surgd in recent weeks. But the Chicago bank's problems have alleviated fears that the Federal Reserve might soon tighten monetary policy. In the past, the central bank has often made credit more plentiful ''during periods of major financial dislocations or during periods of disorderly market conditions,'' according to analysts at Money Market Services Inc., an economic analysis firm.