Word: ltv
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Dates: during 1990-1999
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...Bluhdorn and Geneen were among the first to see the opportunities. The bull market that began in 1962 was kinder to some companies than to others, leaving many quality firms relatively undervalued and thus takeover targets. "We had a lot of different sources of financing," says Ling, 75, of LTV, in its heyday the 14th largest company in the U.S. "But we usually swapped our companies' stock for [that of] the firms we were buying...
...halt in the '70s, its oxygen cut off by rising interest rates and a falling market. A surprisingly anticonglomerate Nixon Administration crimped the most aggressive expansions in the interest of protecting what Ling calls "the smokestack-industry crowd" of old-line executives. Ling was forced out of LTV in 1970 as part of an antitrust settlement. Bluhdorn died on a company jet in 1983. Geneen piloted ITT for nearly 20 years, acquiring more than 350 firms before retiring...
...company has parlayed that stake into control of 10 companies in 35 countries with about $5 billion in revenues a year. The firm's holdings range from Caterair, America's biggest airline catering concern, to a book distributor and the former aircraft division of military contractor LTV. According to Rubenstein, the firm's well-heeled investors have raked in returns of up to 46% a year...
...threaten to snarl deals. For example, Carlyle became the adviser to Saudi Prince al-Waleed bin Talal in his $590 million investment in Citicorp in 1991. The firm subsequently teamed with France's state-owned Thomson-CSF to outbid U.S. defense giants for the missile and aircraft divisions of LTV last year. Such global connections can be controversial. "The one significant problem for Carlyle is that they've been on the foreign side of controversial transactions," says a Washington lobbyist and rival dealmaker. But Carlyle has the political savvy to play different sides. When the Bush Administration overturned the French...
WHEN U.S. QUOTAS ON STEEL IMPORTS WERE LIFTED earlier this year, American . steelmakers, concerned that they might lose their customers to overseas suppliers, cried foul. Complaints, filed by Bethlehem, LTV and 10 other firms, charged nations including Brazil, Britain, France and South Korea with receiving unfair trade advantages from government subsidies. The American steelmakers argued that these benefits protect foreign firms from economic pressures that domestic steelmakers must face. Last week the Commerce Department agreed, citing 12 countries. A final ruling is expected next spring, which could mean permanent additional duties ranging from...