Word: mergers
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Dates: during 1970-1979
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...merger would unite companies with annual sales of $6.7 billion. Tenneco, whose profits rose to a record $342.9 million on $5.6 billion in sales last year, is a natural-resources and gas-pipeline firm, with interests ranging from chemicals to shipbuilding. Anaconda mines and processes copper, aluminum and other metals and manufactures a wide range of industrial materials. Recently the firm has been buffeted by reverses, including the 1971 expropriation of its huge Chilean copper holdings, falling copper prices and a slump in demand for Anaconda's products. Result: a $39.8 million loss in 1975 on revenues...
...catch is that the deal needs approval by holders of two-thirds of Anaconda's stock-and Crane already has gathered in 18% of the shares, or more than half the amount needed to block the merger. Evans, a master of the takeover game, is no man to back away from a fight. "He loves a contest, thrives on it," says a onetime associate. "He's an asset player-buys them cheap." Predictably, Evans declared last week that he would vote Crane's shares against the Tenneco merger...
Ever since the 1973 oil embargo, once plain-looking companies that produced coal and other natural resources have been eagerly pursued as merger partners. Oil companies in particular have been looking them over as a means of getting in on the development of alternative sources of energy...
...driving force behind the merger was Fred Borch's successor as GE chairman, Reginald Jones, 58. Jones has had to deal with a profit slump at GE. The company's net earnings fell 14% in the first nine months of this year after reaching a record $608 million in 1974. One reason is that GE has been losing money on fixed-price orders for atomic power plants; lead times on such projects are long and cost overruns can be breathtakingly high. Jones says that GE sees Utah as "an important opportunity in the natural-resources industry." Some Wall...
...Wall Street, shares of both GE and Utah scarcely moved following the merger announcement, mainly because investment professionals doubt that the deal will go through. Government trustbusters are almost certain to study the merger plan carefully to see if it might give GE an unfair advantage over other domestic manufacturers of power plant equipment. If the Justice Department or the Federal Trade Commission decides to challenge the merger, it would underscore a long-building conflict between the nation's antitrust policy and its international economic interests. Reason: a thoroughly integrated energy giant may well be exactly what...