Word: mergers
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
More than Equal. Montedison was formed in early 1966 by a merger between Montecatini, a chemical-minerals complex, and the Edison Group,* a private power company that wisely had begun branching into chemicals, steel and other goods before Italy nationalized power in 1962. Soon after the merger, I.R.I. and ENI began secretly buying Montedison stock. By last week they had accumulated at least 15% of the stock, making the government the firm's largest single shareholder. The state-run corporations set UD a new shareholders' syndicate, in which ENI-I.R.I. will have an equal voice with...
...government victory was a sharp setback for Montedison President Giorgio Valerio, 64, who as head of the Edison Group had engineered the 1966 merger. That alliance had been seen as a way of helping Italy's chemical industry to compete in world markets. But Valerio had trouble welding the staffs of the two companies, and the new combine was troubled by runaway costs. Profits declined by 7.4% last year to a reported $75 million...
With its lagging sales and debts of at least $100 million, Citroen is eager to hitch up with another auto manufacturer. Charles de Gaulle would like a purely French solution: perhaps a merger of the three major French carmakers, to be called Automobile de France. If that happens, Fiat may be sorely tempted to woo Germany's Volkswagen. Such a combine would dwarf anything that France could put together...
...Lundell, the men who shook hands on the deal. As primarily a leaser rather than a seller of machines, Xerox needs constant access to borrowed capital, which C.I.T. now handles in sums that total up to $2 billion at any given time. Xerox has been in the market for merger partners or acquisitions for several years, ever since former President Joseph Wilson decided that "our future depends on what we do in fields other than copying." On the other hand, though C.I.T. denies any plans to scale down its auto-financing operations, it can hardly ignore the attempts of competitors...
Both executives were a bit vague when it came to discussing what their multimillion-dollar handshake would produce. McColough noted that the merger "would provide a much broader base than we now enjoy." Said Lundell: "The merger would greatly enhance the future of C.I.T.'s growth program." Whatever its purpose, the sheer size of the deal is sure to interest the Federal Government, particularly since the Federal Trade Commission announced last July that it would look into the huge economic concentration brought about by conglomerate mergers...