Word: antitrusters
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...McLaren, said that his department may bring suit to break up some conglomerate mergers that have already taken place. McLaren thus goes beyond his Democratic predecessors, who showed no inclination to test their legal power to fight conglomerates. If McLaren sues, he will invoke Section 7 of the Clayton Antitrust Act, which prohibits corporate acquisitions that "substantially" lessen competition. Meanwhile, Congress is considering a bill to end the favorable tax treatment accorded to companies that issue debentures to pay for mergers...
...Complaints. On June 1, with the approval of Japan's rather toothless antitrust watchdog, the Fair Trade Commission, Fuji and Yawata will form the New Japan Steel Co., the world's second largest steel company after U.S. Steel Corp. Last year the two partners produced 25 million tons v. U.S. Steel's 32 million; they had sales of $2.5 billion. Under the presidency of Yoshihiro Inayama, now the chief of Yawata, the new company will employ 80,000 people in ten huge, highly integrated mills throughout Japan...
McLaren may not have an easy time cutting down the conglomerates. Their growth stems largely from the vagaries of antitrust law?and there is still considerable question about whether the Government has the legal power to stop the trend. Diversification by merger has long been an attractive tactic for industrialists who were anxious to reduce profit-sapping fluctuations in the demand for individual goods and services. It is easier and quicker to diversify by buying a going concern than by starting from scratch. But Government antitrust barriers often stand in the way of combinations within a company's own field...
...Federal Trade Commission is delving into the various economic implications of the conglomerate trend. Antitrust subcommittees in both the Senate and House plan probing inquiries of their own. The Justice Department is studying whether to recommend broader antitrust legislation to cope with conglomerates. Paradoxically, the trend has been fostered by Government antitrust barriers against mergers within the same field. More and more firms with little in common are getting together because it is the only legally safe way to merge...
...main beneficiaries would be state and municipal hospitals and welfare agencies, which could collect about $60 million. Another $20 million would go to competing antibiotic makers, private hospitals and other claimants. For the first time in an antitrust settlement, individual customers could also collect-if they can prove their purchases between 1953 and 1966 by presenting prescriptions and sales slips to state agencies. Most likely, few would be able to do so, and the agencies would thus keep most of the funds. Drug executives warned, however, that unless practically all of the 81 claimants accept their share...