Word: hanna
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Worth More Dead. A coal-oil tie also made good sense to another key personality: onetime (1953-57) Treasury Secretary George Humphrey, who formed Pittsburgh's Consolidation Coal in the mid-1940s and put Love in charge. Humphrey controls Cleveland's M. A. Hanna Co., a $609 million holding company that owns 15% of Consolidation Coal. Two weeks ago, M. A. Hanna announced that it would go out of business, distribute to its shareholders its huge holdings in Consolidation Coal, National Steel and Hanna Mining. One reason for the liquidation: George Humphrey, though still active...
Anyway, M. A. Hanna is worth more dead than alive. Its stock had been selling for much less than its asset value, rose by more than 20% after the announcement that the assets will be distributed. Those assets will be worth even more when Consolidation Coal becomes a subsidiary of Continental Oil -thanks to a neat shuffle worked out by Love and McCollum, with at least Humphrey's blessing...
...million to develop its coal and oil properties, also vastly expand a diversification move that since 1962 has led it into plastics and fertilizers. The shareholders of Consolidation Coal w111 get what amounts to 50% increase in the value of their investments. And the shareholders of M. A. Hanna will enjoy a double windfall because both Hanna and its holdings in Consolidation Coal have suddenly become more valuable. The dreams of Messrs Love, McCollum and Humphrey have produced one of those arrangements that, while rare in politics and impossible in sports, do happen in U.S. business: everybody stands to come...
Ultranationalists in Brazil last week sought to block M. A. Hanna's plans to mid a $25 million iron ore port, even though the government seemed deter mined to approve the deal, and the Supreme Court will rule soon on whether any foreign company has a right to mine in Brazil. In Australia, where U.S companies are investing at the rate of $4,000,000 a week, the government is under mounting pressure to require part local ownership of foreign subsidiaries At a special luncheon in Paris, the creme de la creme of France's business leaders listened...
Jonny Quest is this season's new animated series from Hanna-Barbera, producers of The Flintstones, The Jetsons, and Yogi Bear. Dr. Benton Quest, jack of all sciences, and his son Jonny were last week combatting a horde of enemy agents dressed as lizards, who were destroying shipping with laser beams in the area of the Sargasso Sea. Zow. It is hard to imagine better television than that...