Word: laughlins
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...taking the 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...
Gregory O'Laughlin '69 took scoring honors with nine goals, four coming in the last period. Hibbard Uline '69 scored three goals and Captain Tom Kaplan '69, accounted for the other...
Washington's first big salvo against conglomerate corporations came only last month. It was fired by the Justice Department, which announced plans for an antitrust suit to divest Ling-Temco-Vought of its controlling interest in Jones & Laughlin Steel. Last week, "multimarket" companies, as they prefer to be called, quavered again as the Federal Trade Commission took aim at a merger by another big concern, Los Angeles-based Litton Industries...
...company sales. As for the supposed dangers of economic concentration, no one has yet proved that industrial bigness necessarily means badness. On the contrary, the U.S. has prospered in world trade precisely because of the relatively large size and resources of its companies. The takeover of Jones & Laughlin by an aggressive outsider like Jim Ling could prove something of a welcome stimulus to the clubby steel manufacturers, who commonly follow the lead of the U.S. Steel Corp. in pricing and other policy matters. Even his critics acknowledge that Ling is certainly imaginative. One testimony to the productive efficiency...
With a court test ahead that could drag on for two years or more, LTV stock became increasingly unpopular. LTV common, which hit a high of $135 last May, closed last week at $59. And Jones & Laughlin dropped so much that Ling's $425 million investment was, for the moment at least, worth only $290 million...