Word: marathoned
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Monday's council meeting lasted a mere eight minutes, starling a group of about 20 spectators and reporters who have come to expect marathon sessions from the nine strong-willed and vocal councilors...
...antitrust suits, the Government last week dropped its nine-year effort to break up Kellogg Co., General Mills and General Foods, three breakfast champions that control 80% of the ready-to-eat cereal market. The case was the last of Washington's marathon antitrust battles against Big Business, which have clogged courts and enriched lawyers for more than a decade...
Investors are rushing to buy the stock of potential merger partners in hopes of making a quick market killing. People generally did very well who got into the battle early between U.S. Steel and Mobil for control of Marathon Oil. U.S. Steel last week seemed assured of victory in its takeover bid, estimated to cost $6.15 billion, the second largest corporate coupling in U.S. history. (The largest merger was the $7.5 billion merger of Conoco and Du Pont in 1981.) Workers began to prepare checks for the 17,000 selling Marathon shareholders just hours after Supreme Court Chief Justice Warren...
Mobil's fumbling maneuvers apparently have convinced Marathon shareholders that the oil giant will never be able to buy the company, even though it is now offering $1 a share more than U.S. Steel. As a result, more than enough investors are willing to sell their shares to the steel company for the $125 it offered to give it controlling interest. Said a Wall Street banker involved in the negotiations: "Unless Mobil can pull a rabbit out of the hat, it will lose...
...Marathon's executives and their advisers were confident last week that they could defeat Mobil's latest threat. If the oil company starts buying U.S. Steel stock, the price of it is likely to shoot upward, which would make the deal less attractive. And under a federal law that requires prior notice for the purchase of large blocks of stock, Mobil has to wait at least 30 days before it can begin to acquire any more shares of U.S. Steel. But although Mobil's latest shot seems likely to fail, no one is underestimating the oil company...