Word: mergers
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...Flaherty--pointing to the recent proposed mega-merger of Chase Manhattan and Chemical banks, which will result in the loss of 12,000 jobs--said Weld and the Legislature have made great strides in the last five years to make the state's climate more business-friendly...
...shareholder who expresses little worry is Malone; he insists the benefits of the merger could push the price of Time Warner to $80 a share. He claims to be patient about that, though skeptics think he could become restless and demanding if the trend does not materialize. Turner last week was entertaining no such second thoughts. "Now I'm Ted Time Warner," he declared. "Hey, let's get the cash flow up, the stock price up, and live together happily ever after." Wall Street, however, will have the final word...
...Porter, a professor at Harvard Business School: "Everyone knew at the time NCR was a third- or fourth-rate computer company, but somehow AT&T thought they could put it together and there'd be all this synergy." Charles Exley, who quit as NCR's CEO the day the merger took effect, chose not to crow about the results of Allen's folly. Says Exley, who now sails the world on his yacht: "Perhaps now NCR can go about its business once again...
JOHN MALONE HATES IT THAT SOME PEOPLE THINK OF HIM AS A BOARDROOM bandit. The country's most powerful cable operator--whose 21% stake in Turner Broadcasting gave him potential veto power over last week's big merger--has been variously described as Darth Vader, Andrew Carnegie and Genghis Khan. Such comparisons, says Malone, have him all wrong. He's shocked, shocked by reports that he held up the merger--first by insisting that Time Warner do away with its "poison pill" takeover defense, then by demanding seats on the board--until he had squeezed all the juice he could...
...this a vote of confidence or something darker? "What John Malone giveth, John Malone can taketh away," says Porter Bibb, a media-investment banker at Ladenburg, Thalmann who has been a frequent critic of Levin's. Bibb believes that Malone saw the merger as an avenue to power. "Levin is now a puppet on Malone's strings. Malone is never going to be CEO of Time Warner. He'll probably never sit on the board. But he wanted to control Levin, and now he does." A scenario even has Malone divesting some cable interests, getting back his voting stock...