Word: antitrusters
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...Jones & Laughlin Steel subsidiary and Republic Steel was a relatively easy matter for the two companies to agree on six months ago, but in the past five weeks it has turned into a subject of sharp controversy within the Reagan Administration. J. Paul McGrath, the Assistant Attorney General for antitrust policy, first vetoed the agreement on the grounds that it violated Justice Department merger guidelines. Commerce Secretary Malcolm Baldrige then wrote an article in the New York Times calling McGrath's decision "a world-class mistake." President Reagan strayed into the fray by remarking that the merger would...
Since Superior owns no refineries or gas stations, its takeover by Mobil should not raise serious antitrust issues. But in Congress, questions are being asked about the shrinking number of competitors in the oil industry, as well as the huge sums expended to buy out shareholders...
...Steel because it would reduce competition. Baldrige called the ruling "a world-class mistake" because it hinders the steel industry's efforts to become more competitive with foreign producers. A day later, outgoing Attorney General William French Smith issued a statement defending his department and pointedly remarked that antitrust decisions would be made "without regard to how popular they...
...threat of Government antitrust action did end one proposed merger last week. U.S. Steel called off plans to link its steel operations with those of National Steel because of probable opposition from the Justice Department...
...merger of Socal and Gulf is not expected to receive any strong Government opposition on antitrust grounds. Said Energy Secretary Donald Hodel last week: "Politically, it's a tough issue because it is a natural reaction to say, 'My gosh, these giants are merging and there must be something bad about that.' But I don't see that it has any significant effect from an energy standpoint...