Word: mergers
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Dates: during 1960-1969
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When the securities actually change hands next month, Lytton S&L plans to merge with two smaller Southern California savings-and-loan associations, Equitable of Long Branch (assets: $318 million) and Mission of Santa Ana (assets: $39 million). The mammoth merger was approved by the Federal Home Loan Bank Board two weeks ago, but financial men are more fascinated by the audacity of the move than by its size. Says one competitor: "Wellman is converting three alley cats into a pedigreed lion...
...Judelson has insisted that Gulf & Western Industries wanted no part of any corporation "where the management doesn't welcome our entrance." On that basis, Gulf & Western agreed last month to sell its 33% interest in Allis-Chalmers Manufacturing Co., which had resisted the very idea of a merger. That done, Gulf & Western promptly showed that its policy can change along with the prize. Last week the company was involved in a struggle to acquire Sinclair Oil, which vowed to "vigorously oppose" the move and made its point even clearer by agreeing to merge instead with one of its competitors...
...large amounts of crude oil at a premium from outside sources. Fast-growing Atlantic Richfield (1967 sales: $1.56 billion) has meanwhile been on a production binge, and its recent oil find on the North Slope of Alaska promises to be one of the largest in U.S. history. A merger that would enable Atlantic Richfield to move its oil through Sinclair refineries would obviously benefit both companies...
...deal. Instead of giving up the fight, it called a special meeting of its directors, who decided to go ahead with the tender offer for Sinclair stock. It was only fitting, argued one Gulf & Western official, that Sinclair shareholders should make "the final decision" about their company's merger possibilities...
...finally-and reluctantly-agree to such a solution? The obvious reason was that he had no other choice. Chauvinistic as he is, he is also realistic. He has long known that Citroën's decline could only be halted by some sort of a merger. For a while, he urged a merger between Citroën and other French automakers -Peugeot and/or government-owned Renault. But that plan did not even begin to work out, and last month Citroën's Bercot laid his feelings on the line. "There is no substitute," he said...