Word: mergers
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Dates: during 1990-1999
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...Daimler-Benz Deutschland Über Detroit? In what is set to become the largest industrial merger in history, German luxury automaker Daimler-Benz announced Thursday it will effectively absorb America's No. 3 car firm, Chrysler. Daimler describes the deal as a "merger of equals," but there's no doubt about who the senior partner is here. Chrysler shareholders will receive just over half a share in the new company for every one share their Daimler counterparts get, and Chrysler chair Robert Eaton will lose his co-leadership position inside of three years...
...bonanza for shareholders -- especially Kirk Kerkorian, the reclusive 81-year-old who owns 13.8 percent of Chrysler. Back in 1990, he was derided for his interest in the once-struggling Michigan firm's stock. Now, if shareholders and governments on both sides of the Atlantic agree to the merger, he will reap a satisfying $5 billion payoff -- more than triple his original investment. Who says you shouldn't throw money at Motown...
...Benz and Chrysler, who went public with their wooing Wednesday. Why? Because the dowry would be huge: Sources close to the deal say Daimler would buy their bride for $35 billion, a full $8 billion above Chrysler's market value. Such a wedding would make for the largest industrial merger in history...
Columbia, which was founded in 1989, attained its current status after a merger with...
Consider First Chicago, which encourages those with Self-Service checking accounts to use ATMs by charging $3 for a visit to a live teller for some transactions. First Chicago announced a merger last week with Banc One Corp. Banc One, based in Columbus, Ohio, does business in 12 states and charges account holders if they use one of its own Rapid Cash Machines. "[The banks] say these mergers create efficiencies," says Mary Griffin of Consumers Union. "But with the efficiencies there is a dis-economy of scale, which costs consumers more." In other words, it costs to save. That...