Word: chrysler
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Dates: during 1990-1999
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...Chrysler filed suit against Lee Iacocca, claiming that its former chairman helped a failed takeover bid by disgruntled shareholder Kirk Kerkorian. The automaker says Iacocca, who retired in 1992 but stayed on for two more years as a $500,000-a-year consultant, gave confidential corporate information to Kerkorian during the Las Vegas billionaire's push to take over the company last spring. The suit seeks to force Iacocca to repay Chrysler for money and services received since shortly after his retirement, when they say he began meeting with Kerkorian, and cites Iacocca's "exorbitant" $42,000-a-month...
...Businessman Donald Perkins and former U.S. Trade Representative Carla Hills sit on both boards, which voted for conflicting goals.) D'Aveni discerns an intrinsic cycle: poorly conceived mergers turning into spin-offs. The aim is to dominate a market, as Microsoft rules software, Delta dominates the Atlanta airport and Chrysler is the king of minivans. A likely lesson: if sprawl and diversity get in the way of market dominance, break up the company. A likely corollary: if all that stands between you and market dominance is a rival, buy up the competition. Such bold moves impress Wall Street. Such bold...
There is nothing new about such conceits, of course. "Snobbery and gardening have gone hand in hand for hundreds of years," argues Pollan. There have always been those who plant old roses with good bloodlines, he explains, and those who go for high-tech hybrid teas with names like Chrysler Imperial-"a rose named after a car, for God's sake." What's different today, he observes, is that gardening has become such a fad. "You can pour vast sums of money into an acre of land and acquire the patina of sophisticated gardening very quickly." Horticultural social climbers speedily...
Billionaire Kirk Kerkorian withdrew his hostile $20 billion bid to take over Chrysler after failing to line up financing. But spokesmen said Kerkorian might be back later with another offer for the automaker...
Billionaire Kirk Kerkorian has ended his $22.8 billion hostile bid for Chrysler in what TIME Detroit Bureau Chief William McWhirter calls "an artless folly of comical proportions--the worst single deal in the history of money." Kerkorian, who said today through a spokesman that he has no plans to sell his 36 million shares, had offered to increase his ownership to 90% of Chrysler ina deal backed by former Chrysler chairman Lee Iacocca. "This deal simply couldn't be done," says McWhirter. "None of the traditional debt instruments were there to finance it, and no syndicate bank wanted that type...