Word: mergers
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Dates: during 1960-1969
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...company with outlets in 18 Eastern states but with a sleepy attitude and outdated refinery equipment. Anderson shook off the sleep, cut back on staff, ordered a $100 million modernization program. Then, on a fishing trip with Chairman Charles S. Jones of Richfield Oil Corp., he worked out a merger that linked Atlantic with the Los Angeles company. The agreement between the two was a scant five pages long to cover a $1.2 billion organization with worldwide holdings...
Susie No. 1. Since the merger, Atlantic Richfield has increased combined oil reserves from 1.8 billion bbl. to 2.1 billion, added 52 new producing wells for a total of 7,132, and built more than 500 new service stations while modernizing others. Now the Alaskan find is quite a layer of frosting on the cake. "Everybody else," says Anderson, "had pretty well written the Arctic Slope off because of cost, indifferent success, and the absolute need for a major discovery in order to have commercial significance." Atlantic Richfield thought about writing off the area too. On their 90,000 acres...
Billionaire Howard Hughes and the American Broadcasting Companies, Inc. last week ended where they had started 15 suspenseful days before. Hughes still had the kitty of cash he was willing to spend to take over ABC, while ABC felt itself free again to listen to other suitors for merger...
...Merger still seems virtually certain; the question is when and with whom. President Goldenson, who prefers a stock swap that would be tax free, had already started preliminary talks with C.I.T. Finance Corp. over the July 4 weekend. Such talks could now resume...
Horizontal mergers (between competitors) and vertical mergers (between users and suppliers) have long been severely limited by well-established antitrust law. The status of conglomerate mergers, between companies not in direct competition, remains uncertain. Only last May, Justice issued a 27-page merger guideline suggesting that conglomerates would be opposed if, for instance, the merger would prevent two noncompeting partners from entering each other's fields on their own. Thus, this month a federal District Court upheld a key Justice challenge to a merger of Wilson Sporting Goods, a subsidiary of LTV, with a small maker of gymnastic equipment...