Word: mergers
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Dates: during 1950-1959
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...trustbusters charged that the merger had made Owens-Illinois the top U.S. producer of shipping containers, giving it a "decisive competitive advantage" over smaller, single-line companies, and increasing the "tendency toward monopoly in the container field generally." Replied Owens-Illinois Chairman John Preston Levis, grandson of the founder: "No antitrust violation was involved." In fact, said Levis, the merger was necessary for effective competition, "enabling us to deliver at the lowest possible cost the glass jars, bottles, tableware and other materials we make...
...first birthday of the A.F.L.-C.I.O. merger, one of the U.S.'s top labor reporters, New York Timesman A. H. Raskin, gave the "brawling infant" one to grow on in the Times's Sunday Magazine. Excerpts...
...Merger Series. Under the law, before any stock can be sold in the U.S., the sellers must first file with SEC a prospectus disclosing the full facts; thus SEC has a chance to disapprove the registration and block the stock sale. Great Sweet Grass President Samuel Ciglen (who resigned after the hearings were scheduled) and his associates, according to testimony, had apparently taken advantage of a loophole in the law to sell stock. No registration-and no disclosure-is required if stock is issued solely to complete a merger. Thus, according to SEC, Ciglen and his friends had organized...
...first, said SEC, was a merger between Sweet Grass and a group of Oklahoma oilmen who formed a company called Depositors Mutual Oil Development Co., which had leases on Oklahoma oil lands. For $1,900,000 they sold out to Sweet Grass. Meanwhile, Sweet Grass created 1,750,000 shares of stock, presumably to cover the merger and be issued to stockholders in D.M.O.D. But actually, said SEC, since the merger had already been paid for in cash, most of the stock wound up in President Ciglen's Toronto brokerage account...
...Manhattan high-pressure, boiler-shop operators over a period of months, said SEC, the stock was sold by phone all over the U.S. for more than $7,500,000 (including the brokers' 15% commission). Later, another 500,000 shares of Sweet Grass stock were issued to cover a merger with a Canadian company called Pitt Petroleums Ltd., and sold in the U.S. In a third merger, involving Kroy Oils and a Texas-Oklahoma company called Coronet Development Corp., Kroy officials, some of them also connected with Great Sweet Grass, issued 1,500,000 new shares of Kroy Oils stock...