Word: lessens
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Dates: during 1960-1969
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Help from the North. The whole debate has been intensified by the discovery of a huge pool of oil under the snows of Alaska's North Slope. The biggest new find in the U.S. since the East Texas strike of 1930, the North Slope promises to lessen U.S. dependence on oil from the Middle East. Walter Levy, internationally known oil consultant, estimates the find could run as high as 20 billion barrels, enough to increase U.S. reserves by two-thirds...
...sales: $1.9 billion) bought a majority interest last January. Their worldwide sales total some $52 million, but only $7.5 million comes from the U.S., where their Triumph-Adler brand of typewriters accounts for a minuscule share of the market. But the FTC complains that the acquisition tends to "lessen competition" in violation of the Clayton Antitrust Act because Litton already owns the Royal typewriter company, which accounts for 40% of the manual-and 11% of the electric-typewriter market...
...lesser extent, "vertical" mergers with suppliers or customers. But the courts have said little about corporate takeovers of companies in entirely different fields. Mitchell's chief trustbuster, Richard McLaren, plans to invoke the Clayton Antitrust Act's Section Seven, which prohibits corporate acquisitions that substantially lessen competition. He may well cite the anti-competitive potential of reciprocal purchasing arrangements, under which LTV subsidiaries, which use large amounts of steel, might favor J. & L. rather than go to the marketplace for the best deal. Beyond that, McLaren may argue that competition is lessened by the sheer concentration of economic...
...break up some conglomerate mergers that have already taken place. McLaren thus goes beyond his Democratic predecessors, who showed no inclination to test their legal power to fight conglomerates. If McLaren sues, he will invoke Section 7 of the Clayton Antitrust Act, which prohibits corporate acquisitions that "substantially" lessen competition. Meanwhile, Congress is considering a bill to end the favorable tax treatment accorded to companies that issue debentures to pay for mergers...
...believe that a great deal of substance underlies the graduate students' bill of complaints, and that much can be done to lessen their malaise...