Word: coppers
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...enlisted top politicians, labor leaders and economists to argue on its side. But nothing shook the FTC's resolve. Earlier this month, Kennecott lost what may very well be its last legal appeal when a federal court failed to reverse the order. Despite all the legal maneuvering, the copper company insists that it also has tried to find a way of giving up Peabody without inflicting financial harm upon itself, but the FTC wants it to try harder. The commission recently asked a federal court to fine the company and its officers $100,000 per day for delaying...
...stock market than Kennecott alone. Trouble is, Kennecott has acted as if the divestiture order did not exist. The company lavished management time on running Peabody and spent $532 million to buy equipment and open new coal mines -time and money that it did not put into its copper business. The result is that Kennecott's copper operations are in poor shape. Concludes John Bogert, a Wall Street mining analyst: "Kennecott did not milk Peabody; it milked itself for Peabody...
...Considerations. What Kennecott needs to return its copper business to health is the money it put into Peabody. Unfortunately, the only way to recoup the $532 million in a spin-off would be to have Peabody borrow the money. But that would saddle the coal company with such an onerous debt that its future growth would be imperiled...
...courts of a much debated section of antitrust law; this is the concept that mergers can be stopped not because they reduce competition but because they eliminate "potential" sources of competition. Back in the mid-1960s Kennecott decided that it would make a major attempt to diversify out of copper. Among other things, it bought a small coal field for the purpose, according to Kennecott, of assuring its own fuel supplies. In the FTC'S eyes, the purchase was damaging evidence that Kennecott had plans to enter the coal business. That meant that when the copper company bought Peabody...
...some revision. Over the years, Kennecott and Peabody proved to be well suited for each other. Kennecott was able to raise money to open more Peabody mines and boost production. Peabody has the steady flow of income from long-term coal contracts to even out the wild fluctuations in copper prices. Result: both companies became stronger-more rather than less competitive in their industries...