Word: coppered
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Haas Jr., 65, chairman of Levi Strauss & Co., rode to the rescue like a cowboy in copper-riveted jeans. Haas did not need a big hat: he had the cattle. Plopping down $12.7 million of the family fortune, he vowed, "We're going to do what we did with Levi's: quality product, concern for people, being part of the community and conducting business with integrity...
Criminals are not known for following the daily fluctuations of commodities markets, but they do have a sense of the value of things. When copper prices begin to climb, urban vandals start pulling pipes out of abandoned apartment buildings. Gold prices soar, and thieves start ripping necklaces off passersby. Now, with aluminum prices on the rise (up 36% since 1979), black market entrepreneurs are starting to chop down and steal streetlight poles...
...Reagan Antitrust Chief William Baxter, a Stanford law professor, strongly hinted that he would not meddle in such deals as Standard Oil of California's $4 billion bid to buy Amax, a producer of molybdenum and specialty metals, Standard Oil of Ohio's decision to buy Kennecott Copper for $1.8 billion, or Arco's purchase in 1977 of the Anaconda Co. The mere mention of such mergers between natural-resource giants would have set an oldtime trust-buster's blood boiling, and even Baxter conceded that his agency would act if the combinations turned...
Wall Street investors expect that other mining companies will soon become targets for takeover bids. They include copper producer Phelps Dodge, Newmont Mining, a major copper and gold producer, and Asarco, the silver and copper concern. Notes Analyst Clark: "The idea is buy low, sell high. And I think copper prices will up faster than oil prices...
Kennecott, on the other hand, was quick to accept the Sohio bid; it needs the fresh cash to modernize its machinery and protect itself from the vicissitudes of the world copper market. As for Barrow, last week's agreement calls for him to stay on as head of Kennecott and thus return to the oil business as a director of Sohio...