Word: ltv
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Justice says yes to LTV Steel...
...proposed merger of LTV's Jones & Laughlin Steel subsidiary and Republic Steel was a relatively easy matter for the two companies to agree on six months ago, but in the past five weeks it has turned into a subject of sharp controversy within the Reagan Administration. J. Paul McGrath, the Assistant Attorney General for antitrust policy, first vetoed the agreement on the grounds that it violated Justice Department merger guidelines. Commerce Secretary Malcolm Baldrige then wrote an article in the New York Times calling McGrath's decision "a world-class mistake." President Reagan strayed into the fray...
While Congress was jousting with the oil companies, the Reagan Administration was unusually fractious last week on another corporate coupling. In an article in the New York Times, Commerce Secretary Malcolm Baldrige blasted the Justice Department's decision to block the joining of LTV and Republic Steel because it would reduce competition. Baldrige called the ruling "a world-class mistake" because it hinders the steel industry's efforts to become more competitive with foreign producers. A day later, outgoing Attorney General William French Smith issued a statement defending his department and pointedly remarked that antitrust decisions would...
...billion Socal-gulf company. Reagan can claim no significant anti-trust prosecutions during his tenure--despite the mergers that have resulted in 30,000-mile railroad giants like Norfolk Southern and Southern Pacific-Santa Fe, and the recent rumblings in the steel industry where U.S. Steel, Republic Steel and LTV Corporation, three of the five biggest steel companies in the country, are planning mergers and acquisitions...
Stunned industry leaders appeared at a loss as to what to do next. Said LTV Spokesman Julian Scheer: "We had no contingency plans. We expected to get approval." McGrath held out a slim hope that the Justice Department might approve moves short of merger, such as swapping plants or joint raw material purchases. But that is a long way from the corporate marriage that LTV and Republic wanted...