Word: mergers
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Dates: during 1990-1999
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...prospect of such industrial-strength combinations was only part of the merger action. In Washington the House overwhelmingly agreed to let banks open branches across state lines and sent the bill on to the Senate, where it is expected to pass within the next two weeks. The House vote overjoyed giants such as Citicorp and BankAmerica, which would finally be free to gobble up banks across the country...
...pace of takeovers today already rivals the most frantic years of the '80s. So far in 1994, companies have announced deals worth $171.6 billion, nearly 50% more than those of a year ago. At that rate, 1994 would trail only 1989 as the most merger-filled period on record. "The deals have just begun," declares Martin Sikora, editor of the trade journal Mergers & Acquisitions. "The story of entire industries is being rewritten...
...marriages range across the breadth and depth of American business, from banking to pharmaceuticals to telecommunications. Defense? Try Northrop's $2.1 billion buyout in April of aircraft maker Grumman, which had also been sought by Martin Marietta. Retailing? Federated paid $4.1 billion for R.H. Macy last month in a merger that created America's largest department-store company. Wireless phones? U.S. West and AirTouch Communications agreed two weeks ago to pool their cellular operations into a business with total sales of $13.5 billion and nearly 2 million subscribers...
...action is hardly confined to corporate behemoths. Merger mania has been raging just as strongly among smaller firms such as management consultants, environmental engineers and even funeral homes. The dealmaking is particularly feverish among medium-size makers of components like auto parts. "Throughout all of U.S. industry, and particularly in the automotive sector, the trend is clearly toward reducing the number of suppliers you want to do business with," says Robert Eaton, Chrysler's chairman and CEO. So suppliers are rushing to team up with one another and thus increase their chances of remaining in business...
...Macy & Co. officially abandoned hopes of emerging from Chapter 11 bankruptcy as an independent, publicly held company with the announcement of a merger with Federated Department Stores, Inc. With more than 300 stores, the new Macy-Federated chain will become the nation's largest department-store company...