Word: antitrusters
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...telecommunications giant has brought International Telephone and Telegraph Corp. and the American Broadcasting Companies nothing but static. The Federal Communications Commission approved the merger last December, but only by a bitterly divided 4-to-3 margin that failed to silence objections from Congress and the Justice Department's Antitrust Division. As the clamor mounted, the FCC finally agreed in March to take another look...
Additional hearings failed to change a single FCC member's mind. Last week, splitting along the same 4-to-3 lines as it had before, the commission reaffirmed its approval of the ITT-ABC get-together. In so doing, the FCC rejected the Antitrust Division's contentions that the merger might (1) restrain competition, (2) subject ABC's public affairs programming to unusual pressures from ITT's far-flung business interests, and (3) enable ITT to drain the network of capital that otherwise might go into broadcasting. Such fears, concluded the commission majority, "are too speculative...
Tender offers-predominantly for cash in an affluent age-have grown popular because they can be sprung swiftly at comparatively small risk and cost for the attacker, are less likely than ordinary mergers to run afoul of Government antitrust obstacles. Ordinarily, the cost of a tender offer runs no higher than 3% of the deal-for legal fees, a splurge of advertising to woo stockholders, and interest charges on temporary financing, if it is needed. While proxy fights often turn into marathons (Realty Developer Philip Levin's battle with MGM is now more than a year...
...Splits. For all its recent success, United Fruit still has some problems. Under a 1958 federal antitrust ruling, the company must divest itself of enough of its banana operations to create a new, competing company by 1971. That only dramatizes the company's overreliance on a single commodity; despite its other interests (including Revere Sugar, Tropical Radio Telegraph Co.), bananas still account for 65% of its business. Consequently, United Fruit last year acquired the J. Hungerford Smith Co. (manufacturer of soda-fountain syrups) and the A & W root beer-stand system, only last month bought up the Baskin-Robbins...
...different states. But as federal law grew after the Civil War, so did the need for U.S. trial courts with broader scope. In 1875, district courts were given jurisdiction over a wide range of federal questions. District judges now handle every sort of lawsuit under the federal sun-including antitrust cases, bank robberies, bankruptcies, draft evasion, obscenity suits, patent infringements, railroad disputes, tax dodging and habeas corpus petitions from state prisoners (up 36% since 1963). Also copyright infringements, kidnaping, moonshining cases, compensation for injuries at sea and auto accidents involving citizens of different states (20% of all civil cases...