Word: braniff
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...Ling-Temco-Vought, his once high-flying conglomerate, Jim Ling moved to settle a federal antitrust suit arising from his corporate acquisition of Jones & Laughlin Steel Corp. In order to hold onto the nation's seventh largest steelmaker, LTV will have to sell its controlling interests in Braniff Airways and Okonite Co. LTV also agreed in principle to refrain from "certain activities" for ten years -which probably means no more major acquisitions for that period...
...company-Ling has seen his investment tumble by 59%. That Ling would now choose to get out of growth businesses and stay with a troubled company in a stagnant industry seems surprising. But LTV stands to collect some $17.5 million in dividends from J. & L. for last year, while Braniff paid only $5.1 million and Okonite $2.1 million...
...effect, the Justice Department simply approved of what Ling was already trying to do. Financially hard-pressed, he put LTV's 55% holdings in Braniff on the block several months ago. Now the trustbusters have given him three years to sell out. The merger trend in the airline industry should make Braniff relatively easy to dispose of. Wall Streeters think that Pan American and Eastern are potential buyers. On the other hand, LTV's unsuccessful attempt in January to sell Braniff to Norton Simon Inc. may indicate a desire to find a buyer outside the airline industry...
...company. He may well be in a selling mood at a time when LTV stock is down to only 40% of its price two years ago and other LTV holdings are also depressed. Until recently, LTV officials had been negotiating to sell the company's 55% interest in Braniff Airways to Norton Simon Inc., but they ended the talks, presumably because terms could not be agreed upon...