Word: mergers
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Dates: during 1960-1969
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When the U.S. Supreme Court approved consolidation of the Pennsylvania and New York Central Railroads last January, it opened a new right of way for railroad mergers on a grand scale. National policy, the court noted, requires that railroads be allowed to unite into a "limited number of systems." In accord with the Supreme Court's doctrine, a special three-judge Federal District Court in Washington last week flashed a long-awaited green light for a merger that would create the nation's longest railroad...
Delays Endured. The merger would combine the 8,282-mile Great Northern Railway, the 6,747-mile Northern Pacific, the 8,538-mile Chicago, Burlington & Quincy and the 922-mile Spokane, Portland & Seattle. The resulting 26,509-mile system, including a few subsidiaries, would serve 17 states and two Canadian provinces, from Chicago to Vancouver, from Galveston to Winnipeg. The merged northern lines, to be known as the Burlington Northern Inc., would rank third among U.S. railroads (after the Penn Central and the Southern Pacific), with 1967 revenues of $875 million...
...year of mammoth mergers, one of the main events came last September when Rochester's Xerox Corp. and Manhattan-based C.I.T. Financial Corp. announced plans for a union. The deal would have involved a swap of Xerox stock then worth $1.5 billion and created a hefty new conglomerate with assets of $4.5 billion. The agreement was based only on a handshake, but Xerox President C. Peter McColough cheerfully predicted that the merger would provide his company with "a much broader base than we now enjoy, enabling us to accelerate our plans in several fields...
Last week the merger prospects vanished as suddenly as they had appeared. In a joint statement that was every bit as unexpected as their September song, McColough and C.I.T. Chairman L. Walter Lundell announced a "mutual agreement" to drop the matter. They offered no reason for the dropout. The two companies did, however, have some explaining to do-if only to their own people. One nonplussed C.I.T. director complained to newsmen that he had been taken by surprise both in September and by last week's announcement. The idea had been broached and the two companies had launched studies...
...Rich. Whatever caused last week's retreat, the merger had drawn one strong and perhaps decisive negative vote from Wall Street. On the basis of tentative financial terms announced by the two companies in September, Xerox was setting the value of C.I.T. at something like $70 a share-a bit rich, in the view of many securities analysts, for a stock that had been trading at around $45 a share...