Word: mergers
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Dates: during 1960-1969
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...ANTITRUST. The year's big merger case involves mammoth Soapmaker Procter & Gamble's acquisition of Clorox Chemical Co., the top U.S. manufacturer of liquid bleach. The FTC washed out the 1957 merger, ruling it unfair to smaller competitors; a U.S. appellate court reversed the FTC, calling it hostile to mere bigness. The Government, which has yet to lose a major antitrust case in the Warren court, now seeks to vindicate...
Moving with the velocity of a milk train, the proposed merger of the Pennsylvania Railroad and the New York Central into a single 20,000-mile system to be known as the Penn Central rickety-racked past another way station last week. Led by the Erie-Lackawanna, eight smaller Eastern railroads* had requested a three-judge federal court in New York to delay the merger's effective date. The court, by a 2-1 vote, sided with the Penn Central...
...cover by delivering their own stock on Ian. 2, thereby putting Off tax payments on their profits for twelve months. "Selling against the box" usually causes the short interest to rise late in the year and fall in January. Short interest also tends to rise when many major mergers are under negotiation; some traders go both long and short on stocks in companies involved in merger talks to profit from differences between the market prices of the shares and what they stand to be worth after the merger. Also, a rising number of investment funds go short on some stock...
...however, the two old rivals have signed a mutual assistance pact, agreeing to observe each other's contracts and to quit raiding; meanwhile, talks leading toward complete merger, as the United Steelworkers of America, would go on. Why? And why now? Said a Mine, Mill and Smelter Workers official: "Everywhere you look, unions are finding it necessary to get together and present a united front against ever bigger financial and management empires...
Rolls expects to retain all of Bristol Siddeley's 30,000 workers. Only one important personnel change is contemplated under the merger. Sir James Denning Pearson, 58, the chief executive officer of Rolls-Royce, has long doubled in brass as the company's top engineer. Now he will hold one position: chief executive of the merged company...