Word: mergers
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...prospect of such industrial-strength combinations was only part of the merger action. In Washington the House overwhelmingly agreed to let banks open branches across state lines and sent the bill on to the Senate, where it is expected to pass within the next two weeks. The House vote overjoyed giants such as Citicorp and BankAmerica, which would finally be free to gobble up banks across the country...
...pace of takeovers today already rivals the most frantic years of the '80s. So far in 1994, companies have announced deals worth $171.6 billion, nearly 50% more than those of a year ago. At that rate, 1994 would trail only 1989 as the most merger-filled period on record. "The deals have just begun," declares Martin Sikora, editor of the trade journal Mergers & Acquisitions. "The story of entire industries is being rewritten...
...Robertses' dismay, the merger with CBS would have sliced Comcast's 15% stake in QVC to 4.9% of the new company; even though the Robertses would have profited handsomely from the deal, it would have left them with little voice in the fate of the shopping network they had nurtured. Moreover, regulations limiting cross-ownership would have kept Comcast, the nation's third largest cable-TV operator with revenues of $1.3 billion, from ever taking a seat on the merged company's board or increasing its holdings beyond 5%. "We were open with Barry about our predicament because of government...
...Macy & Co. officially abandoned hopes of emerging from Chapter 11 bankruptcy as an independent, publicly held company with the announcement of a merger with Federated Department Stores, Inc. With more than 300 stores, the new Macy-Federated chain will become the nation's largest department-store company...
Just hours before the boards of CBS and QVC were to vote on a planned merger, Comcast Corp. -- the nation's third largest cable company and a minority shareholder in QVC -- launched a surprise bid for the QVC cable network it helped found. As CBS chairman Laurence Tisch quickly dropped the merger offer and announced a $1.1 billion stock buyback, analysts speculated that the network remains vulnerable to a takeover...