Word: amaxingly
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Mount Emmons, known locally as the Red Lady because of its blushing rouge color, is partly within a public preserve managed by the Forest Service. In 1977, under U.S. mining laws dating back to the gold and silver booms of the late 19th century, AMAX (formerly American Metal Climax Inc.), the world's largest molybdenum producer, began staking claims to the deposits, as well as buying some of the privately held land outright. Things have not been the same in Crested Butte since. AMAX went to unusual lengths to calm local fears, even hiring psychologists to study the social...
...indicate that the Reagan Administration will continue the lassitude in antitrust action. During his confirmation hearing in March, Reagan Antitrust Chief William Baxter, a Stanford law professor, strongly hinted that he would not meddle in such deals as Standard Oil of California's $4 billion bid to buy Amax, a producer of molybdenum and specialty metals, Standard Oil of Ohio's decision to buy Kennecott Copper for $1.8 billion, or Arco's purchase in 1977 of the Anaconda Co. The mere mention of such mergers between natural-resource giants would have set an oldtime trust-buster...
Sohio's proposed purchase of Kennecott marks the third time this month that companies flush with oil profits have sought to use that money to buy mineral and mining firms. Standard Oil of California bid $4 billion for the 80% it does not already own of Amax, which has vast reserves of molybdenum, a metal used to make special steel alloys, and nickel. Seagram Co., the whisky distiller, which sold $2.3 billion worth of Southwest oil and gas properties last month, has offered more than $2 billion for St. Joe Minerals, a producer of lead and zinc...
There may still be some fierce boardroom battles ahead, however. Some of the brides are a little reluctant. Last week directors of St. Joe Minerals-rejected Seagram's $45 a share bid, calling it "grossly inadequate." Amax has also been cool to Socal's takeover offer, apparently in an effort to drive up the initial offer of as high as $86 a share...
Though born in Scotland, MacGregor has resided in the U.S. for 40 years and is now a naturalized American citizen. Between 1967 and 1977, as chief executive officer of Amax Inc., a molybdenum mining and metals company, he transformed the sleepy firm into a giant natural resources company. In addition to coal, it has large holdings in oil and gas, copper, nickel and iron ore. Although MacGregor is credited with the foresight of having acquired metals and energy sources before their scarcity became apparent, he is criticized for a heavyhanded management style and for failing to keep a close...