Word: mergers
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Dates: during 1980-1989
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...contrast with 1988, when the binge in corporate buyouts helped offset the defection of millions of small investors, the latest downturn reflected weakness in virtually every phase of Wall Street's business. With merger mania dampened by high interest rates and fears of a political backlash against debt-laden megadeals, the value of announced corporate acquisitions fell to $76 billion in the first quarter of 1989, down 58% from the comparable period last year. At the same time, intense competition has driven down the commission on stock trades to as little as 4 cents a share, vs. about 8 cents...
Tums, meet Tagamet. The race to create global pharmaceutical companies inspired a transatlantic merger last week. London's Beecham Group, maker of Tums antacid, and Philadelphia's SmithKline Beckman, developer of the anti- ulcer drug Tagamet, said they will form a company with more than $6.7 billion in total sales. The merged corporation, to be renamed SmithKline Beecham, will rank No. 2 in the pharmaceutical world to New Jersey-based Merck...
...will not have the workstation market all to itself. Last week a major competitor, Hewlett-Packard, said it had reached an agreement to buy workstation pioneer Apollo for $476 million. The merger will give Hewlett- Packard more than 30% of the workstation market, supplanting Sun (28%) as the top manufacturer. But the workstation market is expected to grow some 44% this year, to nearly $6 billion, leaving plenty of room for expansion. Says William Joy, Sun's vice president of research and development: "The action is on the desktop. That's where most of the people...
...merger raises the possibility of conflicts of interest among the various parts of the Time-Warner empire. Could, for example, a Time publication objectively review a Warner Bros. movie? Certainly, said TIME Editor in Chief Jason McManus, who pointed out that for years TIME and PEOPLE have been reviewing, both favorably and unfavorably, shows produced by the company's Home Box Office cable service. In forming their union, Time and Warner officials agreed that a commitment to journalistic and artistic integrity was absolutely essential. When asked what would happen when one of the Time magazines panned a Warner film, Ross...
...slow in integrating the various divisions. Only the cable and books operations will be immediately combined. All others will continue to operate as separate units, with Warner's old divisions reporting to Ross and Time's to Munro and Nicholas. Five years down the road, according to the merger agreement, the management will be unified, with Nicholas as the chief executive. "We're not going to crash these two companies together," said Nicholas. Both Time and Warner believe their greatest opportunities for cooperation and growth lie overseas. Ross, for example, hopes to use Warner's worldwide film-and-TV-distribution...