Word: copper
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...counterploys of one of the most fiercely contested corporate takeover struggles in history. The boardroom battle pitted a sometime Texas rancher against an aging, ambitious corporate raider who was embarked on probably his last big fight. At stake was control of Kennecott Corp., the nation's largest copper company (1979 sales: $2.5 billion...
Finally last week the feud was settled. Kennecott and Curtiss-Wright, the upstart industrial and aerospace conglomerate that tried to take over the copper company, signed a ten-year agreement preventing either one of them from trying to gain control of the other. Says Erica Steinberger, a lawyer advising Curtiss-Wright: "This is the grand finale, the climax, the end-I hope...
...Government-ordered sale of a subsidiary, Peabody Coal Co., and bought Carborundum Co., a maker of abrasives. As soon as the purchase was made, T. Roland (Ted) Berner, 70, the chairman of Curtiss-Wright, saw an opportunity. He said that Kennecott paid too much for Carborundum and that the copper company should have spent the money for improvement of its antiquated copper mines or distributed it to the shareholders. Berner then spent $75.5 million to buy 9.9% of Kennecott's shares and announced that he would lead a proxy fight to unseat the Kennecott management. If victorious, Berner planned...
...approximately 26 million voted at the annual meeting of company stockholders in 1978. Then, five months later, a federal court set aside that decision saying that shareholders might have been unduly influenced by the last-minute court battle that had preceded it, and ordered another vote. Thereupon, the copper company negotiated a signed truce with Berner. Under its terms, Berner was given three seats on the 18-person Kennecott board of directors in exchange for a promise not to launch another proxy contest before the May 1981 annual meeting...
...company as soon as the cease-fire expired in May. Barrow, therefore, huddled with some of Kennecott's directors last November and then announced a pre emptive strike: Kennecott was going to take over Curtiss-Wright. Said one Wall Street source: "The apple had bitten the worm." The copper company offered Curtiss-Wright owners $40 a share for their stock, nearly twice the then prevailing rate. Curtiss-Wright promptly went to court to halt the takeover attempt, but the court ruled that Barrow could go ahead with his move...