Word: mergerism
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Dates: during 1980-1989
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Only a decade ago such big deals would never have been seriously considered for fear that Government antitrust officials would stop them dead. But the merger plans announced last week by two pairs of leaders in the railroad and steel industries have a good chance of winning Washington's approval. With Smokestack America in a period of decline and retrenchment, the Reagan Administration tends to look favorably on consolidations that could make weak companies stronger. In addition, stiff competition from abroad has made the antitrust laws increasingly irrelevant for many important industries...
...joint statement, LTV Chairman Raymond Hay and Republic Chairman Bradley Jones said that no antitrust problems should arise from Washington because the merger would create "a stronger, more efficient steel company, better able to compete in a new world-market environment." Jones will head LTV Steel, which will be headquartered in Cleveland. Some Republic employees suggested in jest that the new company be called Bradley Jones & Laughlin...
...production capability of those two mills. Some industry experts estimate that 20% or more of the company's potential annual steelmaking capacity of 24.6 million tons could be shut down. Observed William Stephens, an analyst who follows LTV for the Rauscher Pierce Refsnes securities firm in Dallas: "This merger won't be one plus one equals two. It will be one plus one equals ll/2 or 1%." Stephens predicted, however, that a slimmed-down company would be able to return to profitability...
...northern border. Since 1973 Libya has occupied the area, which is believed to be rich in uranium and manganese. In June 1980, Goukouni, who was then President, signed a friendship treaty with Gaddafi, granting Libya the right to intervene militarily in Chad and laying plans for a merger of the two countries. Habré, who was then Defense Minister, took up arms against Goukouni in protest, but he was defeated in December 1980. Goukouni ruled for a year and a half until Habré drove...
...executives are looking for a way to be discreetly dashing. Robert Greenhill, head of investment banking at Morgan Stanley, sports a pair festooned with yellow dollar signs. Well he might. Greenhill has negotiated more than $25 billion worth of deals in the past five years. At rival Goldman Sachs, Merger Specialist Peter Sachs also wears brightly colored braces...