Word: mergers
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Dates: during 1970-1979
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...figure is Vesco, a dapper mystery man who will turn 37 this week. The engineer son of a Detroit auto worker, Vesco appeared on the financial scene out of nowhere in 1965 to create by merger International Controls Corp., a New Jersey electric equipment company, which he once said he had built "on financial agility." He entered IOS in 1970 in the role of savior, arranging a desperately needed $10 million loan and later becoming chairman. Soon, though, the SEC charged, Vesco began acting as despoiler. His "brazen" scheme, according to the agency, unfolded in three steps...
...BELIEF arose in Europe in the mid-1960s that the best way to fight the competitive challenge of U.S.-owned multinational firms was to create giant European companies capable of competing on a world scale. In Britain, France, Italy and to a lesser degree West Germany, governments encouraged such mergers, sometimes acting as a marriage broker. Today the European merger movement is running into deep trouble...
Another troubled company is British Leyland, the greatest monument to the merger-brokering attempts of the former Labor government. The company, which is barely profitable, still offers too many models, and cannot produce enough of them to meet rising demand. British Leyland's market share is declining in the face of imports. Problems also afflict Germany's combine of Volkswagen and Audi NSU Auto Union. The basic trouble has been the declining popularity of the Beetle-in the first ten months of this year sales of Volkswagens in the U.S. have fallen to 398,000, compared with...
...problem is that they stopped short of full merger. Instead they exchanged shares in each other's subsidiaries, giving each partner an equal voice-and equal veto-in the operation. Management is by consensus, which often means uneasy compromise reached through a maze of committees. The partners thought that this arrangement would provide economies of scale as well as savings from joint research, diversification of geographical risk and worldwide marketing coordination. But Dunlop Chairman Sir Reay Geddes also warned that "partnership will, in the short term, bring burdens to both...
...institutions resisted the temptation to follow national trends or to succumb to pressures, political, financial and Federal for complete coeducation total merger," she said. "They have thus given us an especially great opportunity for educational innovation...