Word: cna
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Dates: during 1980-1989
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Perhaps Tisch's finest acquisition was also his toughest. In 1974 he fought for nine months to take over CNA Financial, an insurance company that battled to remain independent. Tisch won; Loews owns 80% of the company. After the purchase, Tisch put in place a new chief executive. Today CNA is Loews' most profitable division. Still, Tisch felt bruised by the struggle and vowed never again to launch a hostile takeover...
...from their parents to buy a single resort hotel, called Laurel-in-the-Pines, in Lakewood, N.J. By 1955 they had twelve hotels, and in 1960 they hit the big time by buying control of Loews Theaters. After a quarter-century of further growth and acquisitions, including takeovers of CNA Insurance and Lorillard Tobacco, the Tisches run a company with assets of more than $12.5 billion. The brothers have amassed personal fortunes that total an estimated $1.7 billion...