Word: mergers
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Dates: during 1950-1959
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...Silberstein does succeed in his goal-electing six directors to the eleven-man Fairbanks, Morse board-his victory might yet be Pyrrhic. Penn-Texas may control Fairbanks, Morse, but since Illinois law requires a two-thirds vote of shares for corporate merger, the Morse family holdings are enough to block any real union between the two companies. Moreover, if F-M stock drops after Silberstein wins-and Morse himself says it is much too high-the Morse-financed Landa committee may yet put Silberstein in hot water at Penn-Texas' own meeting in May by confronting him with some...
...Vice Premier Giuseppe Saragat's Social Democrats for a reunification of the long-divided Italian Social ists. While owlish Pietro Nenni beamed down from the red-streamered dais of Venice's Teatro San Marco, 1,000 Congress delegates overwhelmingly approved a resolution calling for a prompt merger with the Social Democrats...
...Venice resolution brought cries of delight from Socialists all over Europe. "This is a great achievement," said French Socialist Senator Pierre Commin, the man who persuaded Nenni and Saragat to begin their merger negotiations (TIME. Sept. 10). Britain's Nye Bevan was present and beaming. "A great day for Italian Socialism," glowed Social Democratic Party Secretary Matteo Matteotti...
...liquidate and pay off stockholders. But either choice would mean even bigger losses, said management. The book value of the company would be far less if it were not a going concern. By holding out, American has a chance to make its stock more valuable in any future merger. "Then for God's sake," cried Dann, "get out of the Nash and Hudson market. Why don't you diversify? You can make disposable diapers, as far as we're concerned, just so long as you have the know-how and can make a profit...
...assembly), stockholders were told American must keep producing Hudsons for the compelling reason that it cannot yet afford to switch entirely to other lines. To criticism about salaries paid to top officers, management noted that American managers received an average $48,511 from Hudson and Nash-Kelvinator before the merger, now average...