Word: mergers
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Dates: during 1970-1979
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McDonnell Douglas, formed by a 1967 merger, has consistently been one of the most profitable firms in the aerospace industry. While most competitors were just beginning to recover from a three-year-old slump, McDonnell Douglas profits last year rose 16% to $129.5 million, on sales of $3 billion. Unlike Lockheed and Grumman, the firm has avoided massive cost overruns on its Government contracts, through good luck and tight financial controls. Unlike Boeing, which has been concentrating its efforts on commercial airliners at a time when the airlines have too many seats and not enough passengers, McDonnell Douglas keeps about...
...which lost $7.6 million in January alone, asked the CAB for permission to discuss combining a number of its routes with TWA, which lost $21 million in January. The request raises antitrust complications and will have to be cleared by the Justice Department. If approved, the partial merger likely would allow Pan Am to abandon some foreign cities now served by both lines-London, Paris, Rome, Frankfurt and Lisbon-and pool its revenues with TWA on other international routes. TWA professes "interest" in the idea, and Vice President George Burns raises the possibility that TWA planes might fly someday with...
...days a week for the past month at the Radcliffe Quad. Johnson adds, "Playing at the Quad is ridiculous. There are pipes and pot holes all over the place and the ball is always going out into the street. We're supposed to play at Watson fields (since the merger), but they are fixing all the men's fields before they fix ours. At least that's certainly the impression they're giving. It's really annoying...
...ruling will not undo the merger. But if it is upheld by the federal courts to which an appeal will almost certainly be taken, it could cost ITT $35 million -one estimate of unpaid taxes owed on the deal. Although those taxes are due from the former shareholders of Hartford, ITT has pledged to reimburse them for any money they have to cough...
...what had changed its mind, but the reversal appears to be due to some facts unearthed by lawsuits filed by former Hartford shareholders, who now oppose the merger. Initial IRS approval was based on ITT's selling to a disinterested third party a block of Hartford stock that the company had bought before the merger agreement. ITT sold them to an Italian organization, Mediobanca, under an agreement approved by the IRS. It has since developed that a then-secret agreement between ITT's investment bank, Lazard Freres and Co., and Mediobanca modified the terms of the contract...