Word: mergers
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Dates: during 1960-1969
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...superchurch, participants in the annual Consultation on Church Union have spent their time sparring over preliminary issues. Last week in Dallas came what Episcopal Bishop Robert Gibson of Virginia called "a crucial moment": delegates from the eight churches in the C.O.C.U.* agreed on a set of principles for the merger, clearing the way for preparation of a formal union plan...
...sense out of the least profitable industry in the most populous part of the nation. The eleven-member Interstate Commerce Commission approved unanimously the coupling of the two biggest railroads in the eastern U.S., the Pennsylvania and the New York Central. The ICC at the same time stalled the merger trend among the richer railroads of the U.S. West. In a surprising and bitterly dissented 6-5 decision, it vetoed-at least for now-a union of the Great Northern, the Northern Pacific and the Chicago, Burlington & Quincy...
From Montreal to Cairo. Despite the stop sign in the West, the go-ahead in the East signals significant progress for the U.S.'s railroads. The Penn Central link-up will be the largest corporate merger ever in U.S. business, forming the nation's biggest new company since U.S. Steel in 1901. Going into business on June 1 will be the Pennsylvania New York Central Transportation Co., the greatest private transportation outfit in the world, with assets of $6 billion and annual revenues of $1.6 billion. On 19,356 miles of road, it will haul...
...Pennsy will play the husband. Its 97,400 shareholders will hold 61% of the stock in the new company and control 14 of the 25 directorships. Chairman and chief executive will be Pennsy Chairman Stuart Saunders, 56, a Harvard-educated lawyer who started the rail industry's merger marathon a decade ago as boss of the Norfolk & Western, which he arranged to unite with four other roads. The president and chief operating officer will be the Central's Perlman, 63, who is more noted for forceful operating know-how than deft administration. And keeping a close...
Making Time. After pondering 40,000 pages of evidence from 461 witnesses and 337 attorneys, the ICC decided to approve because the merger's obvious economic advantages will make way for meaningful technological improvements. By scrapping hundreds of miles of competitive track, dozens of duplicating terminals and scores of overlapping maintenance plants, the two lines will save up to $100 million a year by 1974. More important to customers, the efficiencies of combination will cut the freight transit time by 11 % from New York to Chicago, 27% from Boston to Cincinnati, and 36% from Buffalo to St. Louis...