Word: mergerism
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...driving force behind its controversial takeover bid for U.S. oil giant Unocal. A fluent English speaker with a degree in petroleum engineering from the University of Southern California (he's currently a few courses shy of an M.B.A.), Fu met with TIME recently in Beijing to explain why a merger should make sense to Unocal, Washington and his own shareholders...
TIME This merger is paying a nice dividend to the Ricketts family. [Founder Joe Ricketts and his wife Marlene stand to gain $804 million.] I think he should take you out to lunch...
...country, the new deal is expected to help AMC Entertainment reach a broader audience and negotiate better deals for popcorn and soda. But some are dubious of the synergy. Several big theater conglomerates have battled bankruptcy, and General Cinema filed for Chapter 11 in 2000. "Is there a merger that's worked out right in Hollywood in the past 20 years?" asks industry expert Arthur de Vany, author of Hollywood Economics. "I can't think of one." --By Jeremy Caplan
...latest megatakeover offers broke a relative lull in the merger spree--a lull, that is, only by recent standards. Last year more than 3,380 mergers and buyouts worth $1 million or more were completed in the U.S., with a total value in excess of $144 billion. In the first half of 1986 there were 1,639 similar transactions, worth more than $81 billion. But then the pace slowed a bit. In the past three months only 714 deals took place, involving more than $21 billion. Now, however, the merger game definitely seems to be heating up again. Allied Stores...
Officially, BankAmerica has taken no position on First Interstate's merger bid. It was not the first time that such a marriage proposal had been made. First Interstate's Pinola, who built the regional bank to its current size through a series of daring takeover moves, reportedly approached BankAmerica with an informal merger offer last March, but the bigger bank preferred to retain its independence. Privately, many West Coast financial analysts do not think First Interstate can offer enough money to sway BankAmerica's management and board...