Word: mergers
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Dates: during 1990-1999
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...Asia, governments stung by currency speculators, who often use derivatives, are beginning to turn on their foreign bankers. Citibank reportedly had to cancel plans for a press conference in Taiwan last month to announce a merger with Travelers Group. The problem? Taiwanese authorities denounced Citibank for allegedly circumventing banking regulations involving certain derivatives that allowed the bank to bet heavily against the Taiwan dollar. "The bottom line in this whole derivatives issue is if I'm a trader, I'll take the biggest bets that I can because if I win, I'll go home a millionaire," says Peabody...
...spearheaded the Fed-state attack on Microsoft -- the largest antitrust lawsuit of the century -- and the trustbusting assistant attorney general has announced that his cupboard is bare. Apparently a 275-strong legal staff and $95 million in government funding is not enough in these days of monopoly and merger, and Klein requires a budget boost of "certainly several million dollars...
...DaimlerChrysler team aims to adopt a similar strategy. But this alliance will work on a different strategic level than do most other globalization efforts. First and foremost, the sheer size and scope of this merger all but assures mutual survival in ongoing global consolidation. Along with Ford, Toyota and GM, DaimlerChrysler will be a first-tier, all-world player...
Schrempp and Eaton give themselves three years to integrate their new company. DaimlerChrysler has the ingredients of a good merger, but it won't be easy. The world is glutted with manufacturing capacity and doesn't need more cars--even fancy German-American ones. And the bottom line on big mergers is that they don't work. "Three years is not a very long term to integrate a culture," says Schrempp. "If we are really there after three years, then we really did a good job." And if not, Schrempp, not to mention thousands of global workers, will...
KIRK KERKORIAN Billionaire raider sees his post-merger Chrysler stake treble to $5 billion. Gee, them that...