Word: largest
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Dates: during 1980-1989
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...record of past big mergers is not very encouraging. In a study of acquisitions made between 1974 and 1982, Swarthmore Economist Frederick Scherer found that 40% failed to last. Some major deals made over the years turned into king-size turkeys. Gulf & Western, once among the largest and most acquisitive conglomerates, has sold in the past three years some $3.5 billion worth of properties acquired during the 1960s and '70s. These range from a cigar company to a former site of Madison Square Garden in New York City. Says Chairman Martin Davis: "I just don't think you can manage...
Stunned Texaco officials said that it could mean the company's "obliteration." The third-largest oil company in the U.S., Texaco has a net worth of $13 billion, barely enough to cover the award. Texaco stock, which since Nov. 19 had plunged from $39.25 to $30.75, fell to $29.75 by the end of last week. Said Texaco Attorney Gibson Gayle: "What we have is the most devastating specter of disaster in legal history. It's portending the destruction of a major American company...
Pennzoil naturally was elated. The award could catapult the 36th-largest U.S. oil company into the ranks of the oil giants. Pennzoil's stock, which stood at $49.875 a month ago, closed at $66.125 last week. Upon hearing Casseb's ruling, Pennzoil Attorney Joseph Jamail and Chairman J. Hugh Liedtke exchanged bear hugs and laughed aloud. When a reporter asked a jubilant Liedtke whether he still might settle with Texaco, he replied, "We're always willing to discuss matters. The problem is that dealing with Texaco is like trying to frisk a wet seal...
Moscow is now Addis Ababa's principal ally in the Eritrean conflict. The Soviets have poured more than $3 billion in arms and 1,700 military advisers into famine-stricken Ethiopia, making Mengistu's 210,000-man army the largest and best-equipped in black Africa. Yet all that might has not blunted the will of the Eritrean rebels. The bloody, seesaw war, largely forgotten in the West and even in Africa, has claimed hundreds of thousands of lives. TIME Reporter Edward W. Desmond recently traveled to Eritrea and filed this report...
...tobacco industry is far from being the nation's largest advertiser: last year it spent only $872 million on ads, in contrast to $2.9 billion by food and food-product companies and $2.7 billion by the auto industry, and it accounted for 9% of magazines' advertising revenue and 1% of newspapers'. The A.M.A.'s proposed ban was immediately criticized not only by advertising and publishing-industry groups but by the American Civil Liberties Union and most First Amendment scholars, who believe that the proposal may be hazardous to the Constitution. "While the Government has an interest in preserving the health...