Word: mergers
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Dates: during 1960-1969
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...only at giving the East two competitively balanced giant rail networks (each serving precisely 115 cities of more than 50,000 population) but also at rescuing from possible oblivion the four faltering, largely commuter lines (only the Delaware & Hudson is currently profitable). Says Tuohy: "We concluded that a merger that would take care of the indigent railroads would be most constructive...
...vice chairman, and Herman H. Pevler, the Norfolk & Western's president, attached some prickly provisos to their willingness to take in the indigents, notably that some layer of Government permanently pick up the tab for commuter losses on three of them. Beyond that, the merger must surmount threatened minority-stockholder suits and possible antitrust objections from the Department of Justice, then win approval not only of the five little lines (most of which consider the offered price too low) but also of the Interstate Commerce Commission, whose deliberation may well take three years. The Pennsy and New York Central...
...idea of merging with each other. But many officers of the 30,000-member Guild realize that if they were to merge, their union would be swallowed by the more militant, disciplined, 120,000-member I.T.U. Says New York Guild Executive Vice President Thomas Murphy: "The I.T.U. thinks of merger as a return to Father's house." As matters stand, the Guild will have a tough time influencing the typographers to accept automation in hope of preserving some editorial jobs...
Frightened by a severe slump in their business in the early 1960s, European airlines began negotiating a major merger in the hope of gaining strength in union. After four years of bickering over terms, that ambitious project has been all but scrapped. Chief reason: European carriers are suddenly flourishing on their own. Last year Lufthansa in creased its profits over the previous year by almost 500 times, to $9,230,000. Air France has flown 16.3% more passengers so far this year than last, and its overall revenues are up 6.1%. Sweden's SAS moved from a $17 million...
...Francisco, where a 1963 merger of San Francisco's Crocker-Anglo National Bank and Los Angeles' Citizens National Bank into the CrockerCitizens National Bank is under attack in Federal court, the Justice Department proposed a more unusual remedy. If the merger is ruled illegal, it suggested, the Transamerica Corp.−a $400 million holding company that initiated the merger and now owns 11% of Crocker-Citizens stock−should be ordered to establish a new statewide banking system that could compete with Crocker-Citizens, then to sell its interest in the new system to an independent third party...