Word: mergers
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Dates: during 1960-1969
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Splitting the Work Load. It was a member of Apman's own church council who suggested the merger with St. Margaret's. "That way we'd have two ministers to split the work load and twice as much money coming in," he said, more or less in jest. Apman tried out the idea on St. Margaret's pastor, the Rev. Paul Christensen, who agreed. Eventually, both ministers decided that it would be best if Holy Cross's Lutherans become Episcopalians. The councils of the two churches then drew up a formal merger plan...
...Lutheran officials are outraged by the plan. They could not get Holy Cross parishioners to oust Apman as their pastor, but have persuaded them to delay approval of the merger until March. Recently the Rev. S. C. Siefkes, president of the A.L.C.'s North Pacific District, visited Holy Cross to warn parishioners of the doctrinal dangers involved in the plan-chiefly the Episcopal belief in the apostolic succession of bishops...
...largest merger in Italian history is about to create the country's biggest business (replacing Fiat). The merger is between Montecatini, the huge chemical-minerals complex, and the Edison Group, a private power company that switched to heavy industry in order to survive when Italy nationalized power in 1962. The resulting giant, which Italians are already calling "the supercolossus," would have united sales of about $1.5 billion, would control 70% of Italy's chemical production and much of its pyrite, potassium, bauxite and glass output. At the news that the government had tentatively approved the merger and that...
More Remarkable. The sudden merger and sales activity is the more remarkable because only two years ago Montecatini was in deep trouble. The company, whose products range from aluminum to antibiotics, expanded too rapidly during Il Boom, found itself strapped by ambitious commitments, soaring wages and increased building costs when Il Sboom-the recession-hit Italy. Unable to obtain a needed $72 million loan in a shrinking capital market, Faina skipped a dividend for only the second time in 18 years, looked around for other relief. He found it in a partnership under which the Royal Dutch/Shell Group...
Free from Competition. The merger, the immensity of which will have billowing effects on every financial empire in Italy, will enable Faina to cut costs. It will also bolster power-shorn Edison; under President Giorgio Valerio, 61, Edison has used its expropriation cash to move into electronics and heavy machinery, but most strongly into chemicals, where it has become Montecatini's principal rival. The merged company would no longer have to worry about that kind of competition, nor, because of Italy's easy antitrust laws, about facing monopoly charges...