Word: mergers
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Dates: during 1980-1989
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Paradoxically, Gaddafi has little to show for his efforts. His merger attempts were rebuffed. His military backing for Uganda's Idi Amin Dada failed to keep that despot in power. Despite generous support for the Palestinians, he has few real friends in P.L.O. Leader Yasser Arafat's entourage. Gaddafi's only notable success came last December when his forces invaded and virtually annexed Chad...
...merger looked like a good move, and Feldman started talking to Western Airlines, a regional carrier that flies in 15 states west of the Mississippi, Canada and Mexico. The two companies tried to merge in 1979, but the Civil Aeronautics Board at the time stopped them, arguing that such a deal would reduce air competition on the West Coast. But in March the CAB changed its decision and gave Continental and Western the go-ahead...
Then, just as the merger was about to take place, Texas International, led by its aggressive chairman Francisco Lorenzo, moved against Continental. Texas International had previously made unfriendly takeover bids on National Airlines...
Lorenzo quickly acquired 48.5% of Continental's stock. In one hectic day of trading, he bought 830,000 shares of Continental just 30 min. before the market closed. The Continental-Western merger was dead, and a bitter takeover battle between Continental and Texas International was under way. In April two veteran Continental pilots proposed that company workers buy a majority of the firm's stock through an employee stock-ownership plan. Though skeptical of the plan at first, Feldman soon threw his support behind it in a last-ditch effort to stop Texas International. Lorenzo immediately challenged...
...hydroelectric plant to supply power to an aluminum smelter, the Salomon Bros, wing of the new company could raise the capital for the plant, and the Phibro one would then market the final product. Said Hal H. Beretz, 45, the president of Phibro: "The parts of this merger are unique. There's nothing out there that is going to match this combination." That attitude was the driving force behind last week's merger announcement...