Word: mergers
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Dates: during 1930-1939
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Fortnight ago the "Big Four Banks" of Italy were regrouped by a merger under the aegis of the Dictator into the "Big Three Banks" (TIME, Feb. 24). Perhaps by coincidence, but certainly as a result of Italian and Bulgarian minds again working along parallel lines, a similar merger followed last week in Sofia...
While sanctioning the merger of these two great transcontinentals into a 15,386 mile system, the Interstate Commerce Commission exhibited a determination to uphold its general consolidation plan (TIME, Dec. 30). Three years ago was formed the Great Northern Pacific Co. to take over the G. N. and the N. P. In its Interstate Commerce Commission application the G. N. P. Co. naturally included in the merger the Chicago, Burlington & Quincy, jointly owned by the G. N. and the N. P., serving them as their great high way into Chicago. The Interstate Commerce Commission's general consolidation plan called...
After the merger operating economy will be attained by Credito Italiano undertaking all the regular commercial banking while Banca Nazionale will become a securities corporation, financing industrial undertaking. Although the means are unusual, the result will be the first introduction of U. S. banking structure to Italy. Vice president of each section will be Alberto Pirelli, onetime president of the International Chamber of Commerce and a prominent Italian utility tycoon...
...Shippers' Conference of Greater New York made some telling points against the I. C. C. Merger Plan. Their specific criticism: that the Lehigh Valley should have been assigned to the New York Central instead of to the Wabash. Their general criticism: a doubt as to the wisdom of increasing the size of rail systems, thus reducing competition and removing responsibility for management further from direct contact with shippers...
...Wabash will shortly submit to the I. C. C. a revised merger proposal which will include an outline of the financing involved. This is in accordance with a letter sent out last week by C. D. Mahaffie, I. C. C. Finance Director, stipulating that details of financial arrangements must be included in merger petitions. The letter went also to the D. & H., the B. & O., and the C. & O., none of which have yet taken action...