Word: mergers
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Dates: during 1960-1969
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Much of ITT's growth has come from Geneen's success in playing the merger game. In all, the skipper of the Genie IV has reeled in 44 companies, ranging across fields as diverse as auto rentals, mutual-fund management and airport parking. The biggest catch of all-ITT's proposed merger with American Broadcasting Cos.-has so far eluded...
Even without ABC, Geneen has established himself as one of the most acquisitive empire builders at a time when merger mania is altering the landscape of U.S. business...
What Is a Conglomerate? So far this year, major U.S. business mergers have been moving at a record clip of 150 a month. But what sets the present wave of mergers apart is not so much its volume as its nature. Over 70% of the mergers have been of the conglomerate variety. The reason for this is that antitrust rulings have virtually outlawed "horizontal" mergers (between competitors) and, to a lesser extent, "vertical" ones (with suppliers or customers). As a result, today's merger-minded companies are looking for partners in industries far afield from their...
...merger must be cleared by the Civil Aeronautics Board. That should be a snap. The CAB has long been anxious to dump the heavy Government subsidies ($54 million this year) needed to keep the feeders in the air. Henry & Co. promise to take an immediate 10% cut in their total $10 million a year handout, and expect to be carrying the full load in three to five years...
...some things in common-cunning and duplicity. The grifter is the Flim Flam Man, a wheezy, sleazy slicker who for half a century has taken yokels with potency pills, crooked cards and his smooth Mason-Dixon line. The drifter is AWOL from Fort Bragg, and hungry. Scott proposes a merger, and the two are soon fast-shuffling their way to fortune, until the locals get wise to their brand of three-card monte and call the cops...