Word: british
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Dates: during 1960-1969
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...concerns without much fuss. When a foreign corporation tries to take control of a big U.S. firm, however, Washington immediately starts sounding the alarm. That was the cynical conclusion drawn by many Europeans last week from the U.S. Justice Department's announcement that it would sue to prevent British Petroleum from acquiring control of Standard Oil (Ohio). In fact, much to the chagrin of the State Department, Justice lawyers appeared to be mechanically applying their strict interpretation of antitrust law to what they saw as just another merger-without appreciating that this merger was special enough to call...
Prosciutto and Melon. The disputed merger is special because British Petroleum is 49% owned by the U.S.'s staunchest foreign ally, the British government. Equally important, BP stands to benefit hugely from its oil finds on Alaska's North Slope. BP has discovered reserves estimated at an enormous 5 billion barrels, or about 25% of the total believed to lie under that barren region. Seeking marketing outlets for its crude, a BP subsidiary last March bought approximately 8,250 East Coast filling stations from Sinclair...
...British view, a merger between BP and Sohio is as logical a combination as prosciutto and melon. The North Slope strike and the Sinclair acquisition, says BP Chairman Eric Drake, left BP "with an oilfield at one end of the country, a market at the other, and Sohio in the middle." Sohio, which has some 3,500 gas stations in the Midwest, is renowned for its refining and marketing organization, but it has not had access to enough crude oil to permit expansion. So the companies .agreed to have Sohio take over BP's U.S. marketing, with BP supplying...
Price Yes, Quality No. Southeast Asia presents a target of opportunity to the Russians, a chance to increase their influence as the British and U.S. military presence recedes. The Soviet drive also stems from Leonid Brezhnev's call last June for a new Asian security arrangement aimed against the Chinese, and from Russia's pressing need to overcome a serious trade deficit with some Southeast Asian countries. Trouble is, the Southeast Asian market is highly competitive and tough to crack-and Moscow is accustomed to government-to-government deals. When forced to compete on the open market, Ivan...
Died. Walter Hagen, 76, one of golf's all-time champions, holder of five P.G.A., two U.S. and four British Open titles; of throat cancer; near Traverse City, Mich. A onetime caddy who won his first U.S. Open at the age of 21, "the Haig" did more to popularize golf than any other player. In an era of small purses, he was the first to win $1,000,000 (which he spent as fast as he made); his sartorial elegance and dramatic come-from-behind victories, drew huge galleries wherever he played. All through the 1920s, fans argued whether...