Word: mergers
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Dates: during 1980-1989
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...product in the Wall Street Journal and other national business publications since January, claims to have sold a few dozen of them so far. Says Vice President Carmine Pellosie: "Executives come in when they're about to meet with people they don't know, especially in merger situations when valuable information is be ing exchanged...
Despite its bitter opposition to the Fidelity takeover, Bank-America maintained last week that it was "too early to tell" what kind of impact the merger would have on the Califor nia banking market. "We're not trembling with trepidation because Citicorp is coming to California," said Spokesman Ronald Owens. "We're ready to take on all entrants to this market. It just means the competition is going to get a little heavier." Bank-America, which must still receive the approval of the Federal Reserve Board for its own bold move out of traditional banking, the purchase...
...optimistic that Gulf and the FTC could reach a settlement. Minutes before Gulf's stunning announcement on Aug. 6, Waidelich anxiously telephoned Gulf Chairman James Lee. "Can't you tell me what is going on?" Waidelich asked. After some hesitation, Lee admitted that Gulf was canceling the merger. "Jim, that's terrible," Waidelich gasped. "I know. I feel terrible too," replied...
...used its dispute with the FTC as an excuse to back out of a deal that it no longer considered financially attractive. John Carley, the FTC'S general counsel, seemed to support that charge: "We were ready, willing and able to negotiate on any aspect of the proposed merger." But Gulf obviously was not. Said Chairman Lee: "I don't have the stomach to go through any such mess." Apparently Armand Hammer, even at 84, has a stronger stomach...
...every announced merger is completed, however. Some 21% of them failed in 1981 because of antitrust objections or various corporate complications. When that happens the stock price usually plummets. Last week Wall Streeters speculated that the Ivan F. Boesky Corp. could be holding losses of $25 million to $50 million on Cities Service. Boesky was publicly unperturbed. Said he: "Since our firm is one of the largest arbitrage firms on Wall Street, our denominations are always large, whether a deal works...