Word: mergers
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Dates: during 1960-1969
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...chance at a Studebaker-style recovery. After losing $25 million on its auto operations, Studebaker shut down its South Bend, Ind., plants in 1963, has since come back as a profitable maker of appliances, electric generators and other products. Wall Street has been full of speculation about possible A.M.C. merger partners-among them Litton, Kaiser, International Harvester and Sears, Roebuck...
...feminine neighbor, St. Mary's College, is exploring more formal ties-much to the concern of the St. Mary's faculty. One informal survey showed that 40% of St. Mary's teachers do not now meet Notre Dame standards, presumably would suffer in any merger. But Notre Dame seems so intent on affiliation, says St. Mary's English Instructor Michael Yetman, that "it sounds as if the cow has been sold, and a decision is needed only as to how it should...
...Interstate Commerce Commission approved the historic merger of the Pennsylvania Railroad and the New York Central last year, only to see it tangled in legal challenges. Last week-a year later to the day-the ICC bestowed its blessing on a rail merger that it hopes will be consummated with minimum delay. Highballed to join on June 1 were the Chicago and North Western and the smaller Chicago Great Western, whose get-together could save the two lines $6,000,000 a year...
...Great Western's "limited traffic volume and capital" has prevented it from modernizing. By absorbing the line into the healthier North Western, that situation should be cured. The resulting line, retaining the name Chicago and North Western, would have 12,000 miles of track in eleven states. The merger would enable the two roads to discontinue several freight trains each and consolidate facilities at 28 points, including Chicago, Minneapolis-St. Paul and Des Moines. Not content with that, the North Western continues to hanker for control of both the Milwaukee Road and the Rock Island, just...
...hours earlier in St. Louis, 81% of McDonnell's stockholders had approved the merger plan, but at least one question asked at the Midwest meeting was echoed in Los Angeles: Why is Donald Douglas Jr., the man widely criticized for running the company into the red, to be paid $100,000 annually (he received $150,000 at Douglas) as a member of the merged board of directors? With characteristic firmness Chairman James S. McDonnell answered: "No retribution of any nature is called...