Word: baxter
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...Getty. Last week, in a stunning 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...
...protection from imports that steelmakers have won greatly weakened their position with the Justice Department. Even former Antitrust Chief Baxter, now a law professor at Stanford, agreed. Said he last week: "The steel companies can't have it both ways. They can't have protectionism on the U.S. market and then expect to be judged on merger questions as if they operated in a free world market...
Assistant Attorney General William Baxter said of the case against the companies, "There just wasn't anything there." The Government's case seemed to weaken with time. The Saudis refused to allow the four oil companies to disclose information about Saudi oil production. For another, the companies after 1973 increasingly took their production orders from the Saudis. In fact, 1977 was possibly the last year that the oil companies could have influenced the price of oil by regulating the Saudi supply. In any case, Baxter noted that Saudi oil production has fallen to 5 million bbl. daily from...
Dropping the case was one of the last official acts of Baxter, 54, who resigned his post the next day to resume his teaching position at Stanford. During nearly three years as head of the Justice Department's antitrust division, Baxter had dropped the Government's 13-year-old suit against IBM and generally made life easier for big companies with an urge to merge. Ironically, it was under Baxter, reluctant trustbuster at best, that the biggest breakup of all was achieved: that of American Telephone & Telegraph...
...spirit of antitrust legislation. Yet the plan appeared to be legal For the record, the Newhouse chain was compelled to offer the Globe-Democrat for sale last week, and the Justice Department then obtained the names of more than a dozen potential buyers. Assistant Attorney General William Baxter stipulated: "If one or more satisfactory expressions of interest are received before 5:30 p.m. on Nov 22, a reasonable opportunity will be provided by Newhouse and Pulitzer to negotiate the purchase of the Globe-Democrat before it is discontinued." A sale, however, would place the newspaper outside the joint operating agreement...