Polycyclic polycarbonate oligomers are prepared by the reaction of a bishaloformate and a tetrahydroxyaromatic compound (and optionally also a dihydroxy compound) in the presence of an olefinic tertiary amine and an aqueous slurry of an aldaline earth metal base. The proportion of water in the reaction mixture is up to about 15% by volume of the organic phase. The bishaloformate and hydroxy compounds, and most often also the amine, are preferably added gradually to the other materials.
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