Word: antitrusters
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...close of business on the previous Friday, Aug. 6, Gulf Oil Corp. had dropped a short-fused bomb on the stock market. Citing antitrust objections by the Federal Trade Commission, Gulf abruptly pulled out of an agreement to acquire Tulsa-based Cities Service Co., the 19th largest U.S. oil firm, for $5 billion, or $63 per share. When trading opened last week, the price of Cities Service shares had dropped to $30. Scores of brokerage firms and speculators who had bought huge chunks of the stock for prices as high as $56 were staring at the possibility of losing perhaps...
Gulf needed Cities Service's valuable energy reserves to bolster its declining oil production. Soon after Gulf made its bid, though, several Wall Street analysts said that the company had acted hastily and paid too high a price. Then the FTC raised antitrust objections. The agency argued that if Gulf bought Cities Service, the combined company would have too large a share of the gasoline and kerosene jet fuel markets in some areas of the Southeast and would own too much (31%) of the Colonial Pipeline Co., which transports petroleum products from Texas to New Jersey...
...Rainier and Black Label, and running them more efficiently than had their previous owners. So far, the brewer's attempt to expand nationally by taking over Pabst has been stymied by the Milwaukee firm's defensive maneuvers to fend off acquisition. Moreover, the Justice Department has threatened antitrust action against the takeover because both Heileman and Pabst already have sizable shares of the Midwest beer market...
...same time that Rozelle has been ramming his head straight into Davis and the Sherman Antitrust Act, he has also been trying end-around plays. Political football is not just an expression. The N.F.L.'s All-Stars lobbying team, featuring former Democratic National Committee Chairman Bob Strauss, is wheedling Congress to exempt the league from antitrust laws and make the exemption retroactive in Oakland's case. A slightly troubling side to this is that two new expansion franchises may soon be handed out, perhaps to Phoenix or Memphis or Birmingham or Jacksonville or Indianapolis, and Rozelle has made...
...recent years the traditional freedom from federal antitrust laws enjoyed by the "learned professions" has started to erode, with the court striking down anticompetitive pricing practices of lawyers and engineers. Last week it was the doctors' turn. The court ruled that a fee schedule adopted by some Arizona physicians violated the Sherman Act even though it set only maximums. Wrote Justice John Paul Stevens: "It may be a masquerade for an agreement to fix uniform prices, or it may in the future take on that character." Since two court members did not take part, the 4-to-3 decision...