Word: mergers
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Dates: during 1980-1989
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...noisy public name-calling and political infighting, all aimed at acquiring the nation's ninth largest oil company. Du Pont had won Conoco by outbidding Seagram, the world's biggest liquor distiller, and Mobil Oil, the second largest American petroleum firm. "There's never been a merger contest like it," said Joseph Perella, a member of the team of investment bankers from First Boston that advised Du Pont on its winning strategy...
...finally last week to $115 and $120 per share, Mobil's proposal was conditional on its obtaining 51% of Conoco's shares. Mobil also had a severe handicap because it was never able to shake the fear that the Justice Department would block the merger of two oil companies on antitrust grounds...
...merger momentum continues unabated, the public could demand congressional action to curb takeovers. Two years ago, Democratic Senators Howard Metzenbaum of Ohio and Edward Kennedy of Massachusetts introduced a bill in Congress that could have prohibited mergers between companies with assets of $2 billion or more. If sentiment against mergers grows, they stand ready to introduce that legislation again...
...rush to pass such an arbitrary limit on merger size could be a serious mistake. Says Justice's Baxter: "Mergers are a very important part of the functioning of capital markets, and one has to be very careful about a simplistic and sweeping reaction to merger surges...
...joined the Manufacturers Trust Co. in 1958, presided over its 1961 merger with the Hanover Bank, and was chairman of Manufacturers Hanover Trust, the fourth largest U.S. bank, from...