Word: mergers
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Dates: during 1990-1999
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Corporate chieftains may think bigger is better, but workers aren't reaping many benefits. Instead, more employees are getting the ax because of the record number of billion-dollar mergers, according to a new report. In the past four months 13% of layoffs were merger related, and cost cutting hasn't even begun at giant proposed combinations like SBC and Ameritech. So it may be time to dust off that resume...
...because the issues surrounding a merger are complex, with each side having serious concerns, negotiations may ultimately take time...
...mammoth BP-Amoco merger is a sign that there's still money to be made in the depressed global oil market -- but only on the back of heavy sacrifice. BP's $48 billion acquisition of Amoco will see about 6,000 jobs slashed in Cleveland and Houston. "With oil prices weak, the only way for companies to remain profitable is to cut their costs," says Fortune correspondent Nelson Schwartz. "Exxon and other companies have actually boosted their profits despite the depressed market by improving their efficiency." The merger will allow BP and Amoco to remain competitive by pursuing an economy...
...video, for instance, or 3-D Web pages. He is also making that copper work closely with its successor: hair-thin fiber-optic cables that offer vastly expanded speed and capacity--which translates to consumer value and, he hopes, corporate profit. Seidenberg, who oversaw NYNEX's merger with Bell Atlantic two years ago, has risen to the top not because he knows how to splice phone lines but because he knows how to splice phone companies...
While the 1996 Act did touch off this buyout binge, it also allowed other competitors, including cable-TV firms, to enter the business. And on Wall Street, the big phone mergers are now regarded with skepticism (and some concern that Washington will intervene). Both GTE and Bell Atlantic stocks slipped last week. AT&T--which took a hit after announcing a merger with TCI--ticked up after the British Telecom deal...