Word: merger
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Dates: during 1990-1999
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CONSUMERS AND INVESTORS OFTEN get nervous stomachs when they hear talk of synergy, that snaggle-toothed harbinger of bad mergers. So Aetna Life & Casualty Co. chairman Ronald Compton was administering verbal sedatives last week when he talked about the proposed merger between Aetna and U.S. Healthcare Inc. that will create the country's largest medical-benefits corporation. "The two companies are in fact complementary," said Compton. "They are yin and yang...
Feel better now? If the deal is approved by stockholders, as expected, the combined entity, to be known as Aetna Inc., will provide health care for 23 million people, or 1 in every 12 Americans. The $8.9 billion merger, which mirrors a recent batch of smaller consolidations in the managed-care field, is a clear signal that big medicine is here to stay, whether you like its bedside manner or not. "The main effect of the huge merger is that it will be replicated by insurers across the country," says Kenneth Abramowitz, a health-care analyst for Sanford C. Bernstein...
...back in business, running several of his family businesses and philanthropic enterprises and flying around the U.S. for meetings with top corporate officers. (He is also under investigation for possibly violating his parole in recent business dealings, including his consultations with the Turner Broadcasting System on its proposed merger with Time Warner...
...earn $300 million in profits within 18 months by creating revenue and reducing expenses. Some jobs would be cut, but Aetna refused to say how many. "It would be irresponsible to throw out a lost jobs estimate before we do all our homework," said Aetna spokesman Fred Laberge. The merger is the latest in a series of moves by Aetna to secure a prominent place for itself in the lucrative field of managed health care. Last November, Aetna announced that it was selling its property-casualty operations for $4 billion to Travelers Group in order to focus more on health...
...sights on R.J.R. Nabisco. "He's in it to make money,'' says Richard Scruggs, one of whistle-blower Jeffrey Wigand's lawyers, who is helping on the Mississippi Medicaid suit. "This is a very sophisticated business transaction by Bennett LeBow." If LeBow can force a merger between Liggett and R.J.R., then R.J.R. will participate in the settlement, moving out from under the shadow of incessant litigation, boosting its stock price and enabling LeBow to split the company's food and tobacco divisions. Even if this scheme fails, LeBow tells TIME, "it was a good economic deal for us to settle...