Word: antitrusters
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Dates: during 1960-1969
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...corporate wedding: the nation's seventh and 17th largest banks were merging into Manufacturers Hanover Trust, which, with $6 billion in assets, almost overnight became the U.S.'s fourth biggest bank. The marriage was hardly consummated, however, before a federal judge ordered divorce proceedings on grounds of antitrust violation. Bankers were faced with the staggering project of unraveling 135 merged offices and a million depositors. Last week, after five years of uncertainty, the marriage was saved. The counselor who did it: the U.S. Congress, which passed a bank-merger bill specifying the terms of acceptable new mergers...
...merger act of 1960, approved any linkup in which community benefit seemed to outweigh the diminishing of competition. But in 1963, reviewing the case of a Philadelphia merger, the Supreme Court ruled that, regardless of economic benefit, a bank merger could still be a legal violation of the Clayton Antitrust...
...bars monopolies, re-establishes the principle of community benefit, allows the Justice Department 30 days to object to mergers it dislikes. But the wording is so vague that it will almost certainly end up in the courts again for definition. If the Supreme Court stands by its earlier Clayton antitrust opinion, the whole commotion could start all over again...
...other nine teams in the National League with illegally and monopolistically conspiring to deprive Milwaukee of its major-league franchise. The state also filed a separate suit in federal court, arguing that the U.S. Supreme Court should override its previous decisions exempting big-league ball from the Sherman Antitrust...
...Edison has used its expropriation cash to move into electronics and heavy machinery, but most strongly into chemicals, where it has become Montecatini's principal rival. The merged company would no longer have to worry about that kind of competition, nor, because of Italy's easy antitrust laws, about facing monopoly charges...