Word: anaconda
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...classic response by a company facing an unwelcome takeover bid is to try to sell itself to another firm. Anaconda Co. did just that-for understandable reasons-after New York's Crane Co. came calling last year. Anaconda is in the red, and Crane Chairman Thomas M. Evans is known for his ruthless sacking of money-losing managers. Last week Anaconda found a giant protector: it and Houston-based Tenneco Inc. announced plans for what would be one of the biggest mergers ever in terms of total revenues-if it can be brought off over Evans' opposition...
...Garlock Inc., a producer of leakage-control devices for pipes and machinery, last week withdrew a court suit against a tender offer by Colt Industries, which increased its bid to $35 a share from $32. In other tender offers now being contested, Crane Co. is seeking shares of Anaconda Co. and Babcock & Wilcox is seeking control of American Chain & Cable...
...documents it requested from the CIA and the State Department were not released, and those released were heavily censored. Furthermore, the division the Church Committee makes between the activities of American corporations and those of the CIA is misleading, since most of the companies involved--ITT, Pepsi-Cola, Anaconda Copper--have a long history of involvement with the CIA, providing cover jobs for agents in return for CIA defense of their interests abroad...
...next step would be to dig into the rest of the mineral-rich hill on which the city stands. As yet, the company, which is itself facing financial problems and has actually been losing money on its Butte operations, has not decided the fate of the hill. Says Anaconda's Montana mining chief Leonard Powell: "We don't know yet if we'll want it. There are too many variables...
...Answer. Butte's few remaining boosters have not been able to come up with any realistic answer to the city's dilemma. If Anaconda were to abandon its operations in Butte and lay off its 3,000 employees there, the economic impact on the city would be devastating. Searching for a solution, the leaders of twelve Butte companies formed a nonprofit organization to look into the possibility of relocating the threatened business district, and even found three suitable sites on the flatlands south and west of the city. But they have been unable to figure...