Word: mergers
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Dates: during 1960-1969
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...TIME acknowledges that Mr. Perlman labored long and effectively to bring the Central back to its present good health, and that from time to time he did work toward the Pennsy merger. Yet on the basis of intensive research, we remain convinced that he did at various other times evidence reluctance about the get-together with the Pennsy and that he did oppose the inclusion of the New Haven...
...bargain basement as soon as he left the class room; he took a $12-a-week buyer's job at Interstate instead of a position in a law firm that would have paid him $10. At the time, Interstate, which had been formed by a 1928 merger of three Midwest department-store chains, was having a rough time trying to fight its way out of the Depression. And while the company struggled to stay solvent, Cantor rose steadily through a series of management upheavals. He became president in 1952, well aware that he had "a very sick company...
Amid today's increasing pressure for business growth through merger, it is inevitable that some corporate marriages turn out unhappily. Yet divorce, which ends a quarter of the marriages among the nation's people, remains a comparative rarity among companies. Last week, in an unusual split-up intended to revitalize the fortunes of both companies, the oil-realty-finance combine of Sunasco Inc. formally dissolved its ties with subsidiary Sunset International Petroleum Corp...
Sunasco's troubles began almost as soon as the company was created in April 1966 by a merger of Beverly Hills-based Sunset International Petroleum with suburban Philadelphia's Atlas Credit Corp., a mortgage-banking, title-insurance and home-repair finance concern. First, a plan to float $14 million worth of long-term debentures went awry in the 1966 credit squeeze. Then the merger partners, Atlas' John L. Wolgin and Sunset's Morton Sterling, locked horns over how to raise money for the ailing realty side of their operation. Recalls Rozet: "There were four children...
...roll out over 1,000,000 vehicles a year, B.L.M. figures to fill 40% of the domestic market and be Britain's No. 1 export earner besides-with $700 million a year in sales abroad. "We've been thinking about it for years, but we wanted the merger on satisfactory terms," says Leyland's Sir Donald Stokes, 53, who will be deputy chairman, managing director and chief executive officer of B.L.M., with British Motor Holdings' Sir George Harriman, 59, as chairman of the board...