Word: coppered
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This year's wave of corporate takeovers already has swept up companies dealing in copper, oil, paper, beer, aspirin and dozens of other products. Last week the tide spread to retailing and starch. Los Angeles-headquartered Carter Hawley Hale, the sixth largest U.S. department store chain, proposed buying Chicago's venerable Marshall Field & Co. for an estimated $325.8 million - over Field's resistance. And Unilever United States Inc., a subsidiary of the giant Anglo-Dutch food and household products maker, bid $482 million for National Starch & Chemical Corp. of New Jersey, a maker of food products, plastics...
...ascent to gourmandise is no longer a matter of picking up a cookbook and buying a set of copper pots. Present and would-be home chefs support hundreds of cooking schools in the U.S. They are mostly very good?notably James Beard's and Lydie Marshall's classes in Manhattan, or Mary Nell Reek's in Houston, or Rita Leinwand's in Los Angeles. A five-lesson program can cost as much as $350. Boston alone supports 29 cooking schools, teaching everything from dicing to making Dampfnudeln. Whether for culinary kudos or to master grande cuisine, Americans sometimes spend...
Jacques Pépin, 42, peripatetic teacher, author and cuisinier who was once the personal chef of Charles de Gaulle: "I recommend three good knives: two for slicing, one for chopping. A few basic strong pots. They don't have to be copper. But remember aluminum discolors some foods and stainless develops hot spots. Get good utensils-they will last forever, and you can give them to your children. Also try to avoid snobbism. Cooking is not for showing off to the neighbors...
...bizarre business takeovers in this year of furious financial raiding, one has raised howls of hearty laughter among Wall Street insiders and others. It is the takeover by Kennecott Copper Corp. (1976 sales: $956 million), the nation's largest copper company, of the Carborundum Co., a Niagara Falls-based diversified firm (sales: $614 million). Reason for the mirth: Kennecott paid the astonishing price of more than $560 million, or $66 a share-twice Carborundum's book value. Many of Kennecott's nearly 72,000 stockholders were sclerotic over the deal. Some had hoped that the company would...
Whether a merger of a copper company that is losing bushels of money with a highly diversified technology outfit can succeed will not be known for years. But Vice President J. Thomas Hill of First Boston Corp., the investment banking house that represented Kennecott in the deal, put the case for the merger this way: "Once it becomes public that a company is fighting off a takeover bid, that company inevitably has to be sold. The sharks begin to circle, but then the white knights like us move in and rescue the company." Now some Kennecott shareholders are doubtless looking...