Word: mergers
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
Last week The Chase Manhattan Bank, the nation's third largest, and Diners' Club announced that they are discussing "the possibility of developing a closer relationship." The relationship -whether worked through merger or outright purchase-is clearly aimed at stepping up Chase Manhattan's competition with First National City Bank, the second largest U.S. bank, which bought up half of Hilton's Carte Blanche in September. This week, after a two-month advertising barrage, Pittsburgh's two largest banks-the Mellon National and the Pittsburgh National-will expand their longtime competition to a new dimension...
Because railroads generally use fairly standard equipment, the physical barriers to merger are often not as great as they seem. Stuart T. Saunders, chairman of the Pennsy and chairman-designate of the proposed Penn-Central, believes that union of the two giants can be accomplished in 60 days, with only a few changes in switching yards...
Other barriers are harder to hurdle. The Penn-Central merger, first announced in 1957, was held up for three years while Central President Alfred Perlman worked to upgrade his line and put it into a better bargaining position with the larger Pennsy. Result: when agreement with the Pennsy finally came in 1962, Central stockholders were assigned 1.3 shares of the new line, Pennsy stockholders only one. Advantageous though the delay was to Central, it has already cost, by conservative estimate, $240 million in potential savings-and will cost a lot more before the ICC makes its final decision, expected...
Ponderous Deliberations. Railroad men tend to blame lengthy merger proceedings on the ponderous deliberations of the ICC and the federal courts, a process that can take upwards of five years. In its defense, the ICC cites the enormous complications of amalgamation. ICC Commissioner Kenneth H. Tuggle points out that railroad mergers involve hundreds of millions of dollars and can determine the economic development of a region for decades to come. Says he: "It takes time to listen to the grain people, the milling companies, the commuters, the mayors of cities, the Governors...
Besides its yellow reports, S. & P. publishes 25 other advisory and factual publications for brokers and investors, maintains investment counseling offices in five major cities, lists a daily average of 500 stock prices. Its sales in fiscal 1965 were $22 million. Under the merger agreement, which must be ratified by the boards and stockholders of both companies, S. & P.'s shareholders will be paid upwards of $50 million in McGraw-Hill stock, which sold last week at 49½ a share. McGraw-Hill plans no major changes in S. & P.'s operations. "You don't take...