Word: christianae
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...Tribune postwar as a reporter after a four-year combat hitch as a Marine Corps officer. He was raised to city editor in 1952, left the paper in 1955 to become executive director of the Wilmington Morning News and Journal-Every Evening (combined circ. 101,468), both owned by Christiana Securities Co., a Du Pont holding company. With Yerxa's return to the Trib, the new top management team is complete-a fact that may calm some of the jitters in the city room...
...votes for each share of Du Pont held). Another 20 million shares would be "sterilized," i.e., not voted at all. These are the shares held by the officers and directors of Du Pont and the two other Du Pont family-controlled companies: Delaware Realty & Investment Co., which controls Christiana Securities Co., which in turn controls Du Pont. Furthermore, no longer may Du Pont and G.M. have mutual officers, directors and employees. That means that G.M. will lose five of its 33 directors* unless they choose to give up their Du Pont positions. Altogether, said the court, these restrictions will amply...
Instead, the company offered to hand over all voting rights on Du Pont-held G.M. stock to its 185,000 stockholders on a pro rata basis. The family-controlled Christiana Securities Co. and Delaware Realty & Investment Co., which together own 29% of Du Pont, would do the same for their 4,000 stockholders. Du Pont would also promise not to buy any more G.M. shares, and would have no directors on G.M.'s board without specific court approval. "What would remain," said Du Pont, "would be an investment...
...rata basis to Du Pont common stockholders, sell the remaining 40% held by Du Pont holding companies after first offering it to Du Pont's common stockholders. None of the stock would be given or sold to the Du Pont family-controlled Delaware Realty & Investment Co. or Christiana Securities Co., which is controlled by Delaware, and in turn controls Du Pont. To keep from driving down G.M. stock, the transfer would take place over ten years, and trustees would be allowed, with court approval, to postpone the sale if "reasonable market conditions" do not prevail...
...knock a dent in Du Pont's business. G.M. will probably keep right on buying from Du Pont so long as the price and product are right. What will hurt is the order to get rid of stock that pays a handsome $126 million annually in dividends. Through Christiana Securities Co., Delaware Realty & Investment Co. and individual stockholdings, the Du Pont family owns 28% of Du Pont itself, and in turn some 18 million shares of General Motors stock worth $756 million. Yet while the trustbusters want Du Pont to sell its G.M. stock, they have never spelled...