Word: anaconda
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...glass business (whose fortunes are closely tied to Detroit's) seem to be up 150% or so. Even railroads and some airlines are showing modest gains. Metals producers are lagging: U.S. Steel's profits fell 46.5% in the first quarter and Bethlehem's 64.6%, while Anaconda suffered a $4.7 million loss. But even they should do better later this year, when spending is expected to pick...
...merger would unite companies with annual sales of $6.7 billion. Tenneco, whose profits rose to a record $342.9 million on $5.6 billion in sales last year, is a natural-resources and gas-pipeline firm, with interests ranging from chemicals to shipbuilding. Anaconda mines and processes copper, aluminum and other metals and manufactures a wide range of industrial materials. Recently the firm has been buffeted by reverses, including the 1971 expropriation of its huge Chilean copper holdings, falling copper prices and a slump in demand for Anaconda's products. Result: a $39.8 million loss in 1975 on revenues...
...Spotting a company that seemed ripe for takeover, Crane, which produces steel, valves and aerospace equipment and has sales of more than $1 billion a year, made its bid last fall. It offered a debenture with a market value of $17.58 paying 8% interest for each of 5 million Anaconda shares, or 23% of the total. Tenneco proposes to take all Anaconda stock in exchange for a new issue of Tenneco preferred, convertible into common. The terms work out to stock worth about $22 for each Anaconda share; Anaconda closed last week...
...catch is that the deal needs approval by holders of two-thirds of Anaconda's stock-and Crane already has gathered in 18% of the shares, or more than half the amount needed to block the merger. Evans, a master of the takeover game, is no man to back away from a fight. "He loves a contest, thrives on it," says a onetime associate. "He's an asset player-buys them cheap." Predictably, Evans declared last week that he would vote Crane's shares against the Tenneco merger...
Analysts felt both the Crane and Tenneco offers too low. Many consider Anaconda a company with potential for a strong comeback. Copper prices are expected to rise because shipments from Africa are being disrupted by the Angolan civil war. The company will probably be acquired by somebody, but it may be neither Crane nor Tenneco...