Word: copper
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Dates: during 1970-1979
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Though corporate takeovers have flourished mightily in the past couple of years, nearly all have been buy-outs for stock or cash. The old-fashioned proxy fight seemed little more than a memory, but now a battle has broken out for control of Kennecott Copper Corp., the biggest U.S. copper producer. Curtiss-Wright, which owns about 10% of Kennecott stock, is appealing to Kennecott's stockholders to vote at the annual meeting on May 2 to dump the incumbent management and elect a new board...
That siren song should win some ready listeners. When the big copper producer was forced to divest itself of Peabody Coal by Government edict last June, savvy Wall Street analysts speculated that some or all of the $1.2 billion Kennecott received would be paid in the form of a special dividend. Instead, Chairman Milliken, apparently fearing an unfriendly takeover attempt, paid $66 a share for Carborundum. The rationale: the bigger the company, the more difficult it is to finance a raid. By paying more than twice the book value for a ho-hum company, Milliken let himself in for savage...
...Berner succeeds and severs Carborundum, what is left of Kennecott will be anything but a prize property. One of the world's highest-cost copper producers, Kennecott thrives only when prices of its metal are handsome. Last year profits were a pittance of $300,000 on sales of $977 million. Copper inventories of more than 2 million tons are now overhanging the market, forcing the U.S. spot price down to about 620 per lb., below Kennecott's average cost. Some analysts, however, believe that copper might go as high...
...medium-size fortune left them by Meyer, a Swiss Jew who had immigrated to the U.S. in 1848, the seven sons stood fast to create the greatest mining empire of their time. With boldness and flair, they laid a railroad across moving glaciers to gouge out a mountain of copper in Alaska. They built a modern port and a 55-mile-long aqueduct to seize another copper mountain in the Chilean Andes. They raised the family flag over tin in Bolivia, silver and lead in Mexico, diamonds in the Congo. By the outbreak of World War I, they controlled...
Aluminum, one of the lightest and most malleable of metals, traditionally has been a cyclical business. But today its producers, almost alone among metal manufacturers, are exulting over prosperous stability. Makers of steel, zinc, nickel and copper are ailing because of surging costs and rising cheap imports, but the aluminum industry cannot keep up with demand...