Word: anaconda
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Dates: during 1970-1979
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...written off as dead losses the Chilean operations that were expropriated by the late Marxist President Salvador Allende. But last week the new Chilean Foreign Minister, Ismael Huerta, announced at the U.N. that the military junta that overthrew Allende in a bloody coup last month has reopened negotiations with Anaconda and Kennecott with a view toward paying them something for those giant copper mines -Anaconda's Chuquicamata and Kennecott's El Teniente-that Allende expropriated. Some other members of the Chilean U.N. mission even dropped hints that Anaconda and Kennecott might actually be invited back to operate...
...returning ownership of the mines to the American companies. Indeed, they said, the matter of compensation itself must eventually be decided by the Chilean courts. But they asserted that the new government believes that Allende made an improper calculation of the compensation due. When their properties were taken over, Anaconda estimated its losses at $462 million; Kennecott calculated $365 million. But Allende figured that "excess profits" earned in the past left the companies owing money to Chile...
...General, an epic on the origin of the Amer icas, he proved himself to be the continent's most creative and authentic literary voice. In one of its best-known sections, The United Fruit Co., he mockingly writes of "Jehovah" parceling out the universe to "Coca-Cola, Inc., Anaconda, Ford Motors, and other entities," while the United Fruit Co. "reserved for itself: the heartland/ And coasts of my country...
...assistance. Broe gave Gerrity a list of American companies that might help in such a plan, "providing the economic course was feasible." Gerrity said that he was opposed to creating economic disturbances, but later organized, according to the testimony, at least two meetings with representatives of such companies as Anaconda, Kennecott Copper, Bank of America, Pfizer Inc. and Ralston Purina. The other companies were not willing to go along with such adventurism...
Allende has charged that the nationalization has prompted a retaliatory United States trade boycott. His claim seems justified: Anaconda and Kennecott Copper, giants on the American corporate landscape, were crippled by the move, and one-side-revelation of the ITT case last year was that the conglomerate contemplated toppling Popular Unity to safeguard its investments...