Word: mergers
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Dates: during 1960-1969
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When France's desperately indebt Citroën and Italy's thriving Fiat, which stands next only to the U.S.'s Big Three among world automakers, announced merger plans last month, they got short shrift from Charles de Gaulle. In exercising an effective veto, the De Gaulle government charged that the deal would threaten "the independence of a very important French company...
...have a large share of a holding company that will control its new partner, Citroën. Most of the holding company's stock will come from France's tire-making Michelin family, which now owns over half of Citroën and which opened the original merger talks with Agnelli, an old friend of the family...
...latest step in that direction is a proposed merger with New York-based St. Regis Paper Co., a deal that has already brought RCA plenty of static from Wall Street analysts. The get-together, involving $630 million in RCA stock, was negotiated by Bob Sarnoff and St. Regis' longtime chairman, Roy K. Ferguson, 74, but still must be approved by directors and shareholders of both companies. If it goes through, the acquisition of the $721.7 million-a-year paper company would put RCA, the 27th largest U.S. firm, as recently as four years ago, within striking distance...
...been growing as fast as RCA has. A stodgily managed firm in a cyclical industry, St. Regis earned $30.3 million last year, a 22% decline from the year before, but has managed to improve profits slightly so far in 1968. Although RCA stock dropped sharply following the merger announcement, Sarnoff insisted that "it's an excellent deal. The positives far outnumber the negatives...
...building is adorned with abstract sculptures by Giacometti and De Rivera, and its occupant takes particular pride in the company's futuristic new logo, which is emblazoned in 24-ft.-high letters near the top of the 70-floor building. Yet Sarnoff seems to be playing the merger game, a favorite pastime of new-breed executives, with an eye more for posterity than for the present. He dismisses St. Regis' problems as the result of "a temporary overcapacity in the paper industry." Adds Sarnoff: "We would rather have a company with a sound growth rate than...