Word: lings
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...Ling-Temco-Vought...
There was also plenty of push and shove lower down on the list. Nine companies appeared for the first time among the industrial corporations with sales of more than a billion dollars: Ling-Temco-Vought, Signal Oil & Gas, Raytheon, Consolidated Foods, Honeywell, Coca-Cola, Getty Oil, TRW and Colgate-Palmolive. Five other corporations-Inland Steel, Grumman Aircraft Engineering, General Tire & Rubber, Jones & Laughlin Steel, and Olin Mathieson Chemical-fell out of that group. In sum, including also the merger of the billion-dollar member Douglas Aircraft into McDonnell Douglas last year, there was a net gain of three...
...James J. Ling, 45, chairman of Dallas-based Ling-Temco-Vought Inc., is a military buff who describes the conferences that lead up to his corporate takeovers as "war games." Last week, after a long war game, Ling made a tender offer for a controlling 62% of the stock of Pittsburgh's Jones & Laughlin Steel Co., the nation's fifth largest steelmaker. The offer meant that LTV stood ready to ante up $425 million in one of the largest cash tender offers ever made; at $85 per share, it also meant that Ling, to ensure quick action...
...million involved, Ling will borrow $100 million from a syndicate of U.S., Canadian and European financial institutions with Wall Street's Lehman Bros, and Goldman, Sachs acting as bankers. Another $200 million is on hand as ready cash, including $60 million from a public sale of 600,000 shares of LTV stock last fall. LTV will raise the rest of the necessary money by selling off its interest in two insurance companies, Stonewall...
...Whether Ling can succeed in the close-knit steel industry-where other conglomerate kings like Norton Simon have failed-remains to be seen. LTV plans to stick to a well-tried tactic: as in earlier acquisitions, it will go along with the old management. The stock that LTV acquires will be put into a five-man voting trust until 1971, with present J. & L. officers having a controlling three-man vote among the trustees. But there will be plenty of dividends for LTV. Jones & Laughlin recently reported first-quarter earnings of $11,706,000 on sales of $277 million...