Word: itt
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...will file suit to block the planned merger of Harold Geneen's International Telephone & Telegraph, the biggest and one of the best-managed conglomerates, with Hartford Fire Insurance Co. The merger would rank among the largest in U.S. history, creating a combine with total assets of $6 billion. ITT Chair man Geneen told shareholders last week that "whatever the guise, by imaginary and strained legal theories, what we are experiencing is an attack on 'bigness' as such...
...justify the break ing of almost any large conglomerate merger. One argument is based on the doctrine that "potential competition" is restrained if a large company uses the acquisition route to enter an industry that it could have gone into on its own. This could easily apply to the ITT-Hartford case; ITT already owns a life insurance company, and presumably could have expanded its operations into Hartford's field of property and liability coverage. Theoretically, the doctrine could apply to practically any big merger, since the very largest companies have the financial resources to enter almost any industry...
...potential danger of reciprocity arrangements. Under such deals, Company A tells Company B that it must buy products from one of A's divisions if it wants to keep on selling supplies to other A divisions. Justice almost certainly will contend that acquisition of Hartford Fire would give ITT a chance to force its suppliers to buy Hartford's insurance. In an earlier suit, the department contended that ITT's proposed acquisition of Canteen Corp. would enable it to force suppliers to install Canteen's vending machines. In that case, ITT protested that it has long...
...position that mergers of companies in unrelated businesses were not subject to existing antitrust law, "let the merger movement get clear out of hand." In rapid succession, he has announced actions against three big conglomerates. His trustbusters are contesting Ling-Temco-Vought's takeover of Jones & Laughlin Steel; ITT's acquisition of Canteen Corp. and Northwest Industries' attempt to buy up B. F. Goodrich. Such mergers, McLaren says, are forcing "a radical restructuring" of the economy. The restructuring that he is talking about is not based on valid economic grounds, he contends, but rather on financial considerations...
...York when Hitler invaded France in 1940. In the years since, he has helped negotiate some of Wall Street's biggest deals, including the 1966 McDonnell-Douglas merger, for which his firm's fee was $1,000,000. Besides serving as investment banker to such companies as ITT and Owens-Illinois, he is a director of RCA and Allied Chemical in the U.S., Fiat and Montecatini Edison in Europe...