Word: aluminium
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...enjoys a trade surplus as the world's biggest producer of cocoa, can ante up $70 million. This month it will send a team of ministers to Washington to dicker with the World Bank and U.S. foreign-aiders, who regard Ghana as a first-rate investment risk. Says Aluminium Ltd. of Canada, which has rights to Ghana's major bauxite reserves and sees the Volta plan as an eventual certainty: "We would be interested in forming a consortium with U.S. firms to develop the project...
...support from the 17,000 Aluminium shareholders. Portal promised a sizable dividend boost. In a final desperate gesture, Portal called in 14 leading old-line British banks, who claimed to control 2,000,000 of Aluminium's 9,000,000 shares, to help in buying more shares. The banks said they would pay $11.48 a share for one-half of each stockholder's holdings if he would keep the rest three months, i.e., until the fight was over. This only made stockholders madder, since it showed that the original price to Alcoa had been much...
Counterattack. Then Reynolds struck the final blow. It went into the open market for all Aluminium shares that stockholders wanted to sell. The market rose to $11.90. At week's end Reynolds held directly nearly one-half of all shares outstanding, had even picked up 260,000 shares that the Church of England's Commissioners, who handle the church's investments, unloaded at a profit of about $1,000,000. Reynolds' investment: around $40 million. In addition. Tube and Reynolds upped their stock-swap offer to $12.32, got enough additional stock to raise their total holdings...
...London's City predicted that the Treasury would quickly approve the Tube-Reynolds takeover, Alcoa in Pittsburgh tersely gave notice that it had "no further interest" in the matter. Privately, Alcoa officials fumed that the Aluminium management had led them down the garden path by airily assuring Alcoa that Treasury approval was routine. The worst of it was that once Alcoa had signed the $8.40 agreement, it could not go into the market and offer more without making the $8.40 look bad. To top off Alcoa's unhappiness, its chief competitor had a major European affiliate; Alcoa...
Surveying the battlefield, British Aluminium Director William J. Thomas said ruefully: "We were sitting ducks." Said a spokesman for the winners: "If you asked me what mistake they made, I'd reply in one word: arrogance. Their kind applauds the rules and practices of capitalism only when it suits them...