Word: anacondas
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Dates: during 1970-1979
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...victory for the Machiavellians, Allende submitted to Congress a constitutional amendment that would nationalize the country's mining industry. The prime targets of the amendment, which is almost certain to be adopted in the next three or four months, are the three American firms that control copper mining. Anaconda, Kennecott and Cerro together have investments of $617 million tied up in Chilean copper. Allende's move was the latest in a recent series of major expropriation steps in Latin America. In September, Argentina nationalized its telephone and telegraph industry. In October, Bolivia announced that it plans to seize...
...fast will Allende move? Most observers think that he will lose no time nationalizing the banks and the American copper interests. A prime target is the $200 million investment of the Anaconda Co. In the beginning, the firm resisted Frei's "Chileanization" program (51% government ownership) and has been slower than other copper companies to train Chileans for top jobs. Not far behind will be the Kennecott Copper Corp., with an $80 million interest in El Teniente, the world's largest underground copper mine; Cerro Corp., with $15 million in copper investments; and ITT, with $200 million or more...
Under Allende, the nationalization of Chile's key industries is regarded as inevitable. A likely first target is Anaconda, which resisted Frei's "Chileanization" program (51% government ownership). "I don't care if there is a big private ice cream company or a big needle factory," Allende says. "That doesn't worry me. I worry about those firms that interfere with the total development of the state." He has promised "compensation," but has given no indication of what that might mean...
...average of all 1,287 listed companies and Standard & Poor's 500-stock average. One reason for the disparity is that the fortunes of one or two companies can greatly affect the Dow average. When Du Pont shares fell by $100 during 1966, the Dow sank 50 points. Anaconda's price fell $40 this year, costing the Dow 20 points...