Word: mergers
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...biggest postwar marriages in the airline world ended last week in galling divorce. The Flying Tiger Line and Slick Airways, the nation's two strongest air-freight lines, which began a trial merger 18 months ago (TIME, April 6, 1953), told the Civil Aeronautics Board that they could not make a go of it and were splitting up for good. But the bigger news of the announcement was what it told of the sick state of the independent air-freight business. Said Flying Tiger President Robert W. Prescott, who started his line in 1945: "We are through...
...danger spot in the deal was the termination contracts the unions (Slick's independent pilots' and mechanics' unions, the Tiger locals of the pilots' A.F.L. union and independent mechanics' union) demanded for men lopped off the payroll as a result of the merger. The deal ordered by CAB: a year's salary, or 60% of it for four years. Says Prescott: "We believed that if the volume of business held up there would be relatively few terminations, and those could be paid out of earnings...
...they had to trim 900 men off their 3,200-man payroll, and promptly ran head-on into termination claims adding up to as much as $6,000,000. When both the unions and the CAB refused to nullify the contracts, the two lines decided to call off the merger, thus get out from under the union's costly claims...
LATEST STEEL merger may be blocked by the U.S. Justice Department. Worried that the combine of second-place Bethlehem Steel Corp. (after U.S. Steel) and sixth-place Youngstown Sheet & Tube Co. might restrict competition, Antitrust Chief Stanley Barnes is holding up approval, may carry his problem to President Eisenhower...
Under the Democratic Administration, the Federal Trade Commission followed the "per se" rule in cracking down on mergers, assumed that any merger involving a large sum of money probably interfered per se with competition. Under the Republicans, FTC has adopted a new "rule of reason." The test: Will a merger hamper competition in fact? As a result, only two merger cases are now pending before FTC. Of the hundreds of other mergers that have recently taken place, the great majority have served to give business a keener competitive edge...