Word: merger
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Dates: during 1950-1959
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Peppery old (71) Socialist Norman Thomas sounded off in Houston. On free enterprise: "All the recent business mergers and consolidations make absurd the old-line talk of free enterprise. The only free enterprise in America today is small boys who shoot marbles for keeps." On the Kelly-Rainier merger "If Grace had married the mayor of Las Vegas, she wouldn't have had to produce a son to keep the place going...
...STORE MERGER will put Federated Department Stores within a whisker of Allied Stores in the race for No. 1 spot among U.S. department-store chains. In an $18 million stock deal, Federated (Manhattan's Bloomingdale's, Boston's Filene's, Dallas' Sanger's) will take on Miami's Burdine's Inc., Florida's biggest (1955 sales: $42.8 million) department store, with four units in the state. In year ended Jan. 28, 1956, Federated, with sales of $537.7 million, was only $44 million behind Allied's pace, but now, with Burdine...
...MERGER CURBS are making fast headway in Congress. The House has passed (and the Senate is expected to approve) a bill requiring large companies to give the Government advance notice of all proposed mergers involving combined assets of $10 million or more. If the Government does not object within 90 days, the merger can be completed, though still subject to possible court action later...
Whether President Nance will stay with the corporation is still up in the air, since he has been offered several other jobs. In any case, he has earned the respect of Detroit's tough tycoons. Under Nance, in the 18 months since the merger...
...compete with the Big Three and get solidly into the black. But when the time came to order retooling for the new model, said one Packard official sadly, "our money ran out." Now Packard plans only a face lifting of its models for next year. But if the merger goes through, it hopes to rush through retooling of its highest-priced line and bring out at least one model like the Predictor...