Word: itt
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Dates: during 1960-1969
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Even in this hungry age of corporate mergers, Chairman-President Harold S. Geneen of International Telephone & Telegraph Corp. is remarkable for his appetite. Since 1959, when he took charge of ITT with the intent of making it "one of the most important companies of the next decade," Geneen has swallowed up 44 smaller firms; they stretch across such diverse fields as auto rental (Avis), mutual-fund management (Hamilton), consumer finance (Aetna), book publishing (Bobbs-Merrill) and even airport parking. Though blocked so far by Justice Department antitrust litigation in his most ambitious effort-to acquire American Broadcasting Cos. -Geneen...
Last week, in one of the year's more unusual mergers, Geneen agreed to buy Levitt & Sons, Inc., the world's largest home builder, for $92 million worth of ITT stock. The building company, which showed a whole industry how to change the face of postwar suburbia, would operate as an autonomous subsidiary under President William J. Levitt...
...tradition-bound house building industry. Last year, amid housing's worst slump since World War II, one out of five home builders went out of business. As small firms vanish, giant combines rich enough to build on a huge scale are taking over. Big corporations such as ITT are increasingly joining forces with builders-often by merger, sometimes through joint ventures. Last year, for example, Westinghouse Electric acquired Florida's Coral Ridge Properties and is now busy building a city for 60,000 residents near Fort Lauderdale. Pennsylvania Railroad's Macco Realty Co. is developing...
Additional hearings failed to change a single FCC member's mind. Last week, splitting along the same 4-to-3 lines as it had before, the commission reaffirmed its approval of the ITT-ABC get-together. In so doing, the FCC rejected the Antitrust Division's contentions that the merger might (1) restrain competition, (2) subject ABC's public affairs programming to unusual pressures from ITT's far-flung business interests, and (3) enable ITT to drain the network of capital that otherwise might go into broadcasting. Such fears, concluded the commission majority, "are too speculative...
...merger, a company takes over another in a different field, as in last week's announcement that tobacco-producing P. Lorillard Co. is planning to consolidate with Schenley Industries (see following story). To the trustbusters, conglomerate mergers offer some sophisticated dangers. Potential stifling of competition-as in the ITT-ABC case-is one. Another is reciprocity. One circumstantial example of reciprocity currently cited by Government lawyers involves Armour & Co., which as a meat packer is a major customer for railroad shipping space. Armour, in a conglomerate merger, bought out Baldwin-Lima-Hamilton, a manufacturer of railroad equipment...