Word: antitrusters
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...reversal, it blocked the planned marriage of LTV and Republic Steel. Proposed in September, the deal would have created the second-largest steel company in America, behind U.S. Steel. Assistant Attorney General J. Paul McGrath, named two months ago to succeed William Baxter as the Justice Department's antitrust chief, said the merger would violate the Clayton Act, which bans excessive concentration in any industry...
...small cars a year with Toyota in a plant in Fremont, Calif. By 1986 the company hopes to import 300,000 cars built by Suzuki and Isuzu. Predicts GM Chairman Roger Smith: "Joint ventures are going to be a way of life." Chrysler, which last week filed an antitrust suit seeking to prevent the Toyota-GM hookup, imports four Mitsubishi models and will probably replace its aging Omni and Horizon models with a car built overseas. Says Chrysler Vice Chairman Gerald Greenwald: "The days of U.S.-based small-car production are coming...
...Department office in Topeka); Senate Minority Leader Robert Byrd of West Virginia (for protecting a money-losing Amtrak route through his state); Democratic Presidential Contender John Glenn and his Ohio colleague Howard Metzenbaum (for stopping the transfer out of Cleveland of 19 attorneys from the Justice Department's antitrust division...
...intrigue and duplicity worthy of the Medicis. But late last week, giant Texaco unexpectedly entered the picture and seemed likely to emerge the winner by offering to buy up Getty Oil for about $9.9 billion. The deal, subject to stockholder approval and a green light from Justice Department antitrust lawyers, could be the largest takeover in U.S. history (previous record holder: Du Font's acquisition of Conoco in 1981 for $7.2 billion...
...final word has probably not been heard from Liedtke, and the Justice Department could raise antitrust objections to the merger of the third and 14th largest U.S. oil companies. But no matter what happens now, Gordon Getty has achieved his goal of driving up the price of the family's stock. His company holdings, valued at $500 million a year ago, are now worth about $1.3 billion. - By Stephen Koepp...