Word: mergers
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...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...
...Greenwald. "The FCC just needs to ensure that there are more than one of these brands in each market." Under the Telecommunications Act, the Baby Bells have to give up their monopoly on the local markets -- and that hasn't happened yet, which is a major hurdle for this merger. But if it's approved, Bell Atlantic, armed with GTE's long-distance service, will have taken a step toward crossover hegemony not seen since pre-breakup AT&T -- and the resultant behemoth would be the nation's second largest phone company, behind its former parent. The FCC just wants...
...weren't alone. Cendant, the result of last year's merger of HFS, a franchise company whose brands included Howard Johnson and Avis, and CUC, a kind of discount-shopping club, dazzled many a portfolio manager. After downplaying its accounting "irregularities" last April, the company last week revealed that the CUC side of the business had actually fabricated nearly $300 million in revenues over three years. The stock, which had rebounded to $25, quickly retreated to the high teens. It has since gone lower. And why shouldn't it? Most of the "earnings" that had jacked up the stock were...