Word: mergers
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Dates: during 1970-1979
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...shares from an early 1972 high of $64.50 to $55.75 last week, making it less attractive to the owners of any company Geneen might covet. The controversies will also make federal and state government officials supercautious in dealing with ITT executives who approach them for favorable tax, merger or regulatory decisions...
Even now, there is some doubt whether the figures that Geneen is producing are all that precise as a guide to ITT's profitability. The company's earnings have benefited enormously from its acquisitions, particularly because ITT, like most conglomerates, uses the "pooling of interest" method of merger accounting. That allows a company that acquires another firm to count as its own all profits the acquired firm earns for the whole year, even if the acquisition is made late in the year. But how well have ITT's component companies done after they were acquired? That question...
...years ecumenical Protestants have held high hopes for a series of meetings called the Consultation on Church Union, aimed at forging a merger among nine U.S. denominations with a combined membership of 24 million. None of the participating denominations has seemed more enthusiastic than the United Church of Christ (2,000,000 members). But now the enterprise appears to be under a shadow-and the United Church of Christ is the cause. The U.C.C. Executive Council has announced that the sort of church the Consultation has been designing all along is too "hierarchical" and weakens the local congregation, the only...
...with little success. Pan Am lost out to National Airlines for the potentially lucrative Miami-London run, and other lines won route awards in the South Pacific, where Pan Am had had a monopoly. As for domestic routes, Civil Aeronautics Board officials decided that they were already too crowded. Merger talks with TWA (twice) and Eastern fell through...
...Reinecke had previously claimed that he saw Mitchell in mid-May and told him of the ITT commitment to back the convention in San Diego. If that is so, then Mitchell knew of the ITT convention offer weeks before his antitrust division agreed to the out-of-court merger settlement. "Mr. Reinecke must have had me mixed up with someone else," Mitchell told the committee, and insisted that he had seen him in April and September. Before Mitchell's appearance, Reinecke changed his story and denied talking to Mitchell in May. Instead it was September, Reinecke said -a date...