Word: mergers
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Dates: during 1960-1969
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...Protestants have shared worship facilities on military bases and college campuses, but St. Mark's seems to be the first brand-new city parish that the two faiths have ever jointly sponsored. The moving spirit behind the venture is Waterman, who two years ago helped arrange a merger of his own First Presbyterian Church with a nearby United Church parish. Both churches had rundown plants and declining congregations; even together, they could barely afford the new church that Waterman felt was needed. Scouting around to see if other religious groups might be interested, Waterman eventually persuaded Roman Catholic Bishop...
...million. With good luck, he was soon able to buy six Convair 880s for immediate delivery when General Dynamics repossessed them from troubled Northeast Airlines. The planes helped TWA catch up in the equipment race. Still, TWA continued to lose money, and for a time Tillinghast seriously talked merger with Pan American. Before the deal jelled, the CAB flashed a red light, and as airline business picked up in 1963, the idea died...
...lower courts may grant, temporary injunctions banning FTC-challenged mergers even before the FTC holds an administrative hearing on a case. The commission has long but unsuccessfully sought such authority from Congress on the ground that it is often "impossible" to unscramble assets after a merger has taken place...
...addition, the court last month broke up the merger of two local Los Angeles supermarket chains, though they controlled only 7½% of grocery sales in the area. Two weeks ago, the court struck down a franchise system under which Brown Shoe Co. gave architectural plans, group-rate insurance, and sales aids to the 3% of U.S. shoe retailers who concentrated on selling its lines. In that decision, which could upset scores of franchising deals across the nation, Black held that the complaining FTC did not even need to show that the setup reduced competition...
Going Conglomerate. What can merger-minded businesses still legally do? With this year's decisions, the Supreme Court has ruled out more firmly than ever practically all so-called "horizontal" mergers (between two competing firms), even those that are small-scale in local markets. It has cast new doubt on whether "vertical" combines (with a supplier or customer) will survive a court test. Only for "conglomerate" mergers (between companies in unrelated lines of business) does the legal path remain relatively unblocked. That is the path that businessmen are now following. About 70% of last year...