Word: antitrusters
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Dates: during 1960-1969
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...Ohio Division of Securities prohibited Northwest from soliciting shares in that state because of "indeterminate factors." Most important, the Justice Department intervened on the ground that the Northwest bid raised antitrust questions. The case promises to be a significant part of Antitrust Chief Richard McLaren's plan to challenge conglomerates (see following story...
Assistant Attorney General McLaren is trying mightily to dispel the dark. Since January, when he switched from lucrative private practice as a lawyer defending companies in antitrust cases, he has flailed conglomerates for evils ranging from excessive economic concentration to "human dislocation." Proud that Republicans "have historically been vigorous enforcers of antitrust," McLaren is becoming the most active-and visible-trustbuster since the days of Teddy Roosevelt; his broadsides have helped chill investor enthusiasm for multimarket companies...
Getting Out of Hand. In McLaren's view, the great "challenge and opportunity for trustbusters" lies in the area of conglomerate mergers. He charges that his Democratic predecessors, by taking the position that mergers of companies in unrelated businesses were not subject to existing antitrust law, "let the merger movement get clear out of hand." In rapid succession, he has announced actions against three big conglomerates. His trustbusters are contesting Ling-Temco-Vought's takeover of Jones & Laughlin Steel; ITT's acquisition of Canteen Corp. and Northwest Industries' attempt to buy up B. F. Goodrich. Such...
Washington's first big salvo against conglomerate corporations came only last month. It was fired by the Justice Department, which announced plans for an antitrust suit to divest Ling-Temco-Vought of its controlling interest in Jones & Laughlin Steel. Last week, "multimarket" companies, as they prefer to be called, quavered again as the Federal Trade Commission took aim at a merger by another big concern, Los Angeles-based Litton Industries...
...interest last January. Their worldwide sales total some $52 million, but only $7.5 million comes from the U.S., where their Triumph-Adler brand of typewriters accounts for a minuscule share of the market. But the FTC complains that the acquisition tends to "lessen competition" in violation of the Clayton Antitrust Act because Litton already owns the Royal typewriter company, which accounts for 40% of the manual-and 11% of the electric-typewriter market...