Word: mergers
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Dates: during 1960-1969
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...Grand became G.O.P. counsel to the House Ways and Means Committee in 1948, became such an expert on taxation (he is currently president of the Tax Foundation) that Olin Industries Founder John Olin hired him as assistant in 1953, promoted him to vice president for administration the year the merger took place...
...week, seeking to improve their fortunes through consolidation and streamlining, two of Japan's leading cotton-spinning companies decided to become one. Toyobo Co., the leading spinner (1964 sales: $250 million), announced that it would merge with fourth-ranking Kureha Spinning Co. (1964 sales: $100 million). The surprise merger was the best evidence yet that Japan's tradition-bound cotton industry is at last beginning to meet the challenges that face...
Concentrating for Efficiency. The Toyobo-Kureha combine is the first instance in which the ailing industry has adopted the drastic solution that the government has been urging: concentration of capital and increased efficiency through merger. "We should have done this a long time ago," says Toyobo President Toyosaburo Taniguchi, 64, who will head the new venture with the assistance of Kureha's Kyoichi Ito, 51. The new company, which will keep the name Toyobo, will have a combined capital of $51 million and 32,000 employees in 33 mills. The merger, almost sure to be followed by others, will...
Last week two of Spain's Big Five banks planned a merger that would help gear Spanish banking to the heavy demands ahead. It would meld Spain's biggest commercial bank, the Banco Hispano Americano (capitalization $19.6 million, reserves $47.2 million), with the Banco Central (capitalization $13.3 million, reserves $33.3 million). With these combined resources and 805 branches, the new bank would rank sixth in Europe...
...bankers who bring off mergers stand to collect handsome fees: about 1 % of the purchase price on a huge deal or 3% on a medium-sized one. To earn this the broker contributes copiously of his savvy, research and time. The merger talks between American Home Products and Ekco Products (pots and pans) dragged on for five years, but were well worth the effort for the merger broker. On that $163 million deal, Lehman Bros, collected...