Word: mergers
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Dates: during 1970-1979
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Angry telegrams from stockholders flooded Kennecott's New York headquarters. Company switchboards lighted up with so many abusive telephone calls that four secretaries threatened to quit, complaining of the scatological remarks coming over the wires. One vice president, trying to persuade an irate California stockholder that the merger would prove beneficial in the long run, got the reply: "Sonny, I'm 84 years old, and I ain't waitin' around for the long run." Kennecott stock sells for about $22 a share, or $20 below book value...
Whether a merger of a copper company that is losing bushels of money with a highly diversified technology outfit can succeed will not be known for years. But Vice President J. Thomas Hill of First Boston Corp., the investment banking house that represented Kennecott in the deal, put the case for the merger this way: "Once it becomes public that a company is fighting off a takeover bid, that company inevitably has to be sold. The sharks begin to circle, but then the white knights like us move in and rescue the company." Now some Kennecott shareholders are doubtless looking...
...taking jobs in private industry. Declared Wisconsin Re publican William Steiger: "This is an appalling use of public funds." The double-dipping would gradually end if the two retirement programs were merged. Nonetheless, the House bowed to intense pressure from lobbyists for the Government workers and shelved the merger for at least two years. That will give the Executive Branch time to search for a way to combine the programs in a manner acceptable to its employees...
...that the two generals will quickly confer with a third, General Peter Walls, commander of Rhodesia's 45,000-man security forces. Rhodesia's whites generally accept majority rule as inevitable, but they oppose dismantling the white-led military and police. The cease-fire plan, however, calls for a merger of Walls' forces with guerrillas who owe allegiance to Black Nationalists Robert Mugabe and Joshua Nkomo. Thus prospects for an early peace in Rhodesia depend heavily on negotiations about security that involve three widely respected but relatively unknown soldiers. Brief profiles of the three...
...considering a merger with the American Society of Planning Officials and although Robert Brown says the merger "wouldn't affect recognition in any negative way," Kain is uncertain about the move's implications. There is currently no professional national organization that certifies planners. The AIP, or a new organization, may try to take on this task, assuming that it can conform to federal regulation that govern certification programs...