Word: itt
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Although more than 100 foreign firms have signed investment contracts since the beginning of 1967-including such U.S. firms as Alcoa, Freeport Sulphur, Goodyear Rubber and ITT-others have been frightened...
...were, has lost an important round in its fight against corporate bigness. Last week a federal court refused to stop International Telephone & Telegraph, the largest conglomerate, from going ahead with one of the biggest mergers in U.S. history-the acquisition of Hartford Fire Insurance Co. The combination would raise ITT's assets by 50%, to more than $6 billion...
...ITT has already spread into hotels (Sheraton), car renting (Avis), home building (Levitt & Sons), book publishing (Bobbs-Merrill) and bread (Continental Baking). Why would this aggressive giant want slow-moving Hartford Fire? One likely reason is that the insurance company has a valuable portfolio of securities that might be used to produce handsome capital gains for the merged companies...
Executives usually refuse to comment publicly when their companies are in court, but Harold Geneen, the combative chairman and president of ITT, spoke up only two days after the court decision. In a speech in Manhattan, he called Mitchell's statistics "carefully selected but unfortunately misleading." He pointed out that the asset concentration among the top 140 companies in 1963 was the same as it had been in 1932. Geneen also contended that the real antitrust issue is the specific amount of concentration of power within an industry and that the conglomerate approach of buying into many industries does...
Government lawyers cannot appeal Judge Timbers' decision against an injunction, but they plan to pursue a separate suit filed against the merger three months ago, also in New Haven. ITT executives, who in the meantime will go ahead and take over Hartford Fire, are indignant over the Justice Department's determination to press the case. They say that the Hartford acquisition carefully adhered to the Johnson Administration's antitrust guidelines-and they do not like having the rules changed in the middle of the game...