Word: curtisses
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...Curtiss-Wright aims to carve up Kennecott...
...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...
...Curtiss-Wright is openly declaring its intention to make Kennecott sell off Carborundum, an abrasives manufacturer that Kennecott acquired only three months ago for $571 million. Curtiss-Wright might also be tempted to liquidate some of Kennecott's other properties...
With assets of only $349 million, compared with Kennecott's $2.7 billion, Curtiss-Wright, a maker of aerospace parts and industrial equipment, does not have the financial resources to make an outright tender offer for Kennecott. That would cost some $750 million. Curtiss-Wright even had to borrow from its banks to buy its 10% of Kennecott stock...
...Curtiss-Wright did make a peaceful effort last month to get minority representation on the Kennecott board. But Kennecott's dour and demanding chairman, Frank Milliken, 64, turned down the request. So T. Roland Berner, 67, Curtiss-Wright's chairman, declared war by nominating a slate headed by himself to take control. The rather geratic group includes George Moore, 72, former chairman of Citicorp; Robert Meyner, 69, former Governor of New Jersey; George Bunker, 70, former chairman of Martin Marietta; and Fred Kirby II, 58, chairman of Alleghany Corp. and Investors Diversified Services, the mutual fund concern. Curtiss...