Word: merger
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Dates: during 1990-1999
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...less than 10 percent of total revenues. After the feds raised that cap to 25 percent late last year, banks began casting about for brokerage firms that might make a good fit. Analysts say Bankers Trust, which handles mostly corporate and institutional clients, should come out of the merger as a major player in the securities industry. The deal gives the bank a securities underwriting business, ranked sixth in the nation last year, that has already taken public such high-profile firms as America Online, Microsoft Corp. and Sun Microsystems. News of the deal sent Alex. Brown stock soaring...
Although Silverman was educated as a lawyer, he gravitated to the more treacherous world of dealmaking, cutting his teeth with Wall Street's Blackstone Group in the merger mania of the 1980s. There he was involved in dozens of corporate deals. But don't look for his name in the headlines: he shies away from New York City's mogul madness. As one of his staff says, "He is not part of the scene. You will never see him on Page Six [the New York Post gossip page]. He is focused on business...
These torrents have poured in just as companies have rediscovered merger mania and thereby taken countless shares off the trading boards. The supply has shrunk further as companies have bought back bushels of their own shares. Corporate America repurchased nearly $170 billion of its equities last year. Coca-Cola, whose price rose 42% in 1996, helped the increase along by declaring its intention to swallow as many as 206 million shares of Coke, or 8.3% of the company's outstanding common stock...
...completed the ABB merger, Europe's biggest cross-border deal, in six weeks, following a key Barnevik rule: act fast, even at the risk of making mistakes. Or as the ABB "bible" he inspired puts it, "Not to take action is the only nonacceptable behavior...
Demands such as those made by American's pilots and other groups--who gave up wages and benefits in the past--can only put upward pressure on prices. And with companies such as USAir and TWA struggling mightily to maintain altitude, a big merger is possible, which would invariably reduce price competition. The net effect, everywhere you turn, is that fares are up and service is way down--and the prospects aren't good for much improvement in the future...