Word: mergers
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Dates: during 1950-1959
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...BANK MERGER...
Though J. P. Morgan is synonymous with big banking, the Morgan bank is actually only 22nd in the U.S., with deposits of $790.8 million; the Guaranty is ninth, with deposits of $2.5 billion. The merger, said Morgan Board Chairman Henry Clay Alexander, 56, will enable both banks "to serve our clients' increasing needs and our country's growth even better." The merger was characterized in Wall Street as "Jonah swallowing the whale," since Alexander will be chairman and chief executive officer of the Morgan Guaranty Trust Co of New York; Guaranty President Dale E. Sharp, 55, becomes president...
HUGE RUHR MERGER is expected to link two former members of German steel trust dismantled in 1948. August Thyssen-Hütte (sales: $430 million) has asked permission from European Coal and Steel Community to buy Phoenix Rheinrohr (sales: $390 million). Authority will probably approve. Company would rank as Europe's biggest steelmaker, producing 5,000,000 tons a year, or 25% of West German supply, 10% of European Common Market output...
COLGATE-PALMOLIVE CO. is close to buying Buffalo's Wildroot Co., Inc., makers of hair tonic, for about $10.5 million. Wildroot, which has been talking merger with several companies, reports: "The Colgate deal looks good...
...when Foreign Offices employ batteries of experts, trade specialists, speechwriters and paper sorters who glory in their settled ways, nations rarely act any more on carefree impulse. Thus, international surprise was the first reaction to last week's merger of Ghana (formerly a British colony on the Gold Coast) with Guinea, which until two months ago was a French colony. The second reaction last week in London and Paris was shock...