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...into top management." Last week Pace resigned. Tapped to replace him as chief executive at a salary of $125,000 was Roger Lewis. 50, now a $71,600-a-year executive vice president of Pan American World Airways. A lean, energetic executive, Lewis went from vice-presidencies of Canadair Ltd. (now a GD division) and later Curtiss-Wright Corp. to the Pentagon (as Assistant Secretary of the Air Force, 1953-55) and then...
From far off, British business may seem a genteel affair, but not when titans clash. Last week aggressive, research-minded Imperial Chemical Industries Ltd. (annual sales: $1.6 billion) began the biggest takeover struggle in Britain's history. It broke off coolly polite merger talks with slow-footed Courtaulds, Ltd. (sales: $481 million), Britain's biggest maker of artificial fibers. Faced with stubborn resistance from Courtaulds' board, which is reluctant to be swallowed up, I.C.I, declared a proxy war, publicly offered to swap $560 million worth of its stock for all of Cour taulds' outstanding shares...
Insurance Policy. Source of the new money was the Second Covent Garden Property Co. Ltd., a London real estate giant with holdings worth more than $56 million. In return for $43,750,000 in British financing and new bank money, Second Covent Garden will become equal partners with Webb & Knapp in a new firm called Zeckendorf Property Corp., which is to be created by splitting off 13 Webb & Knapp urban renewal projects from New York to Los Angeles. Zeckendorf will be chairman and chief executive officer of the new company, and Son Bill Jr., who did much of the negotiating...
...most active stocks on the market. For four days Unilever trading dominated the Street. At week's end, even after some of the early buyers began selling to pocket quick profits, Unilever N.V. stock (Dutch) stood at 54⅝, up 1¾ points for the week, and Unilever Ltd. (English...
...mind-boggling maneuver to avoid double taxation (from Britain and Holland), the ex-competitors set up Unilever Ltd. and Unilever N.V. (for Naamlooze Venootschap, or limited liability) as two separate holding companies that divide Unilever's assets but pool its profits. Each has a board of directors that controls the board of the other. This tail-chasing organizational scheme works only because the same men are on each board. Although Unilever Ltd. Chairman George Cole, 55, and Unilever N.V. Chairman Frederik Jan Tempel, 61, run the company from adjoining offices. Cole-a husky. low-key executive who started...