Word: mergerism
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Dates: during 1980-1989
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Four corporate giants in the wildest merger whirl ever...
Instead of ending the affair, however, the Du Pont-Conoco merger announcement merely unleashed a new flurry of financial maneuvering. Within four days, Texaco quietly arranged $5.5 billion in credit from a group of banks led by Chase Manhattan. Pundits speculated that Texaco was gearing up to boost its bid for Conoco or pursue another oil company. Meanwhile Edgar Bronfman, Seagram's tenacious chairman, was mulling his own countermove. He called his board of directors into a special session. The verdict: up the ante. The new offer: $85 per share for 51% of Conoco stock...
...doubt that his company was poised to pounce. Said he: "We know Conoco and the business it operates. Conoco is a great company with fine resources and excellent management and personnel." Surprisingly, Warner's message shrugged off possible Government objections, saying, "Preliminary studies indicate that a Mobil-Conoco merger would not create difficulties under existing antitrust guidelines...
Some economists fear, however, that what is good for the Wall Street merger makers is bad for the health of the economy. Says Walter Adams, professor of economics at Michigan State University...
...Merger managers are playing short-term games that will not create a single new job, build a single new factory or add anything to U.S. technology. The economy is likely to be hurt by merger activity that is senseless and in fact creates Brobdingnagian corporate monsters with no need to compete or push hard...