Word: mergers
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Dates: during 1960-1969
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While their merger deal is clacking along at milk-train speed, the Penn Central partners are rolling up a lot of momentum on their own. Two weeks ago, Pennsylvania Railroad Chairman Stuart T. Saunders, who will be the Penn Central's chairman, reported that the Pennsy's consolidated profits had gone up 29% last year to a 21-year high of $90 million. Coming out with its own returns last week, the New York Central announced that 1966 was the company's best year ever, with earnings up 25% to $66 million...
...figures make the merger, which will form the world's biggest privately owned railroad (20,000 miles), seem a richer deal than ever-but no less necessary. Central President Alfred E. Perlman complained that his company's profit was still "peanuts." Saunders echoed Perlman's conviction that the merged roads could do a lot better...
Even if it gets Supreme Court approval, possibly this spring, the Penn Central track may not be as polished as it appeared when the merger plan was announced back in 1961. For one thing, the ICC has ordered it to indemnify some smaller railroads for freight losses they may incur from the merger. Bending to another ICC demand, the Penn Central has agreed to buy the bankrupt New Haven Railroad for $140 million, and that price may go up. Last month the ICC began hearings at which New Haven creditors complained that the price is far too low in view...
Presiding over the merger marriage of the International Telephone & Telegraph Corp. and the American Broadcasting Cos. into a $2 billion corporation, the Federal Communications Commission approved the union seven weeks ago and allowed a formal exchange of stock. But one day before the merger was effective, the Justice Department behaved like a guest who rises to stop a wedding ceremony when the minister asks for final objections. Justice's antitrust lawyers demanded a postponement and reconsideration of the move because of the possibility of "competitive dangers." Last week, after more hot debate, the commission...
...vote, the FCC was as irked about the interruption as were ITT and ABC. The Justice Department, the FCC pointed out in its stay order, had been invited to enter the nine-month proceeding at its outset but responded for the first time only seven weeks before the merger was approved. Indeed, said the commission testily, Justice had actually violated the Federal Communications Act by not replying sooner. "If the petition before us had been filed by a private party," said the FCC majority, "it would be denied...