Word: buy-out
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...from steel. Last week, though, U.S. Steel took a giant leap back to basics. Directors approved the purchase of National Steel, the seventh-largest maker, for $575 million in cash and stock. U.S. Steel will also absorb some $460 million in long-term National debt, making the total buy-out worth $1 billion...
...buy-out works, of course, Weirton Steel will have made a startling transformation, from one capitalist's prosperous fief to the principal U.S. enclave of-yes-a kind of homespun socialism. But Weirtonians think more in terms of preserving a place where rich, hard-working lives have been uncommonly possible. If there really is a way for every will, willful Weirton may just have a chance to live happily ever after. -By Kurt Andersen. Reported by J. Madeleine Nash/Weirton
Technically, Evans resigned; under the terms of purchase, Murdoch cannot sack the top editor without approval of a majority of the paper's national directors. But Murdoch's intent became plain during a four-day farce after the owner announced that Evans had resigned (for an undisclosed buy-out reported to be about $450,000), while Evans kept insisting he was still editor...
...core of the problem, the catalyst for throwing Youngstown out of work. Youngstown Sheet and Tube, locally-owned and highly-profitable in the '60s, was 1969's Ripe Takeover of the Year. Lykes Steamship Company, based in New Orleans and one-seventh the size of Youngstown, borrowed the buy-out capital from Wall Street and elsewhere, using Youngstown's positive cash flow as collateral. Since 1969, Lykes invested next to nothing in modernizing the Youngstown plant--profits went to pay off the buy-out debt. Meanwhile, Japanese and some American plants switched to the more efficient oxygen furnaces...
...merger ever: General Electric's $2 billion purchase of Utah International, a company that mines coal and copper. Two other huge mergers: Mobil Oil's $1 billion acquisition of Marcor, the company that owns the Montgomery Ward department stores, and Atlantic-Richfield's $700 million buy-out of Anaconda, the copper-mining giant. Right now, Gulf Oil has offered $440 million for Kewanee Industries, an independent oil and gas producer; PepsiCo has bid $315 million in stock for Pizza Hut, a chain of franchised fast-food stores; and Anderson, Clayton & Co., a major food processor, initially offered...