Word: mclarens
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...Ohio Division of Securities prohibited Northwest from soliciting shares in that state because of "indeterminate factors." Most important, the Justice Department intervened on the ground that the Northwest bid raised antitrust questions. The case promises to be a significant part of Antitrust Chief Richard McLaren's plan to challenge conglomerates (see following story...
Richard Wellington McLaren likes to tell a story that says a great deal about his main concern as Nixon's chief trustbuster. There was an executive whose firm had been taken over by a con glomerate. Wrote the executive to a friend: "You ask me what it's like to work for a conglomerate? Well, it's just like being a mushroom. First, they keep you in the dark for months. Then they throw dung all over you. Then they...
Assistant Attorney General McLaren is trying mightily to dispel the dark. Since January, when he switched from lucrative private practice as a lawyer defending companies in antitrust cases, he has flailed conglomerates for evils ranging from excessive economic concentration to "human dislocation." Proud that Republicans "have historically been vigorous enforcers of antitrust," McLaren is becoming the most active-and visible-trustbuster since the days of Teddy Roosevelt; his broadsides have helped chill investor enthusiasm for multimarket companies...
Getting Out of Hand. In McLaren's view, the great "challenge and opportunity for trustbusters" lies in the area of conglomerate mergers. He charges that his Democratic predecessors, by taking the position that mergers of companies in unrelated businesses were not subject to existing antitrust law, "let the merger movement get clear out of hand." In rapid succession, he has announced actions against three big conglomerates. His trustbusters are contesting Ling-Temco-Vought's takeover of Jones & Laughlin Steel; ITT's acquisition of Canteen Corp. and Northwest Industries' attempt to buy up B. F. Goodrich. Such...
Until now, the courts have interpreted that law to forbid most "horizontal" mergers between competitors and, to a lesser extent, "vertical" mergers with suppliers or customers. But the courts have said little about corporate takeovers of companies in entirely different fields. Mitchell's chief trustbuster, Richard McLaren, plans to invoke the Clayton Antitrust Act's Section Seven, which prohibits corporate acquisitions that substantially lessen competition. He may well cite the anti-competitive potential of reciprocal purchasing arrangements, under which LTV subsidiaries, which use large amounts of steel, might favor J. & L. rather than go to the marketplace...