Word: mergers
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...United Peasant Party, which claims a membership of 500,000, has been allied with the Communists since its creation in 1949 after the forced merger of a pro-Communist Peasant Party and an opposition Peasant Party. It has been allowed to develop a more independent policy in the last decade, and about one-third of its 76 deputies support Solidarity...
...jury will be out for years on whether the Time Warner combination adds up to more than the sum of its two parts. After its courthouse victory, Time Warner must show that its monumental merger can be a winner in the toughest venue of all: the marketplace...
...friendly mergers back in vogue? Just three days after the Delaware Supreme Court gave Time Inc. and Warner Communications the go-ahead to join forces, another megamerger was announced. Bristol-Myers (1988 sales: $6 billion) and Squibb ($2.6 billion) said they had agreed to an $11.2 billion stock swap that would create the world's second largest drug company. The friendly merger would be the largest so far in the current race to create globe-spanning pharmaceutical giants. The new company, with headquarters in Manhattan, would bring together such products as Bristol-Myers' Bufferin painkiller and Windex glass cleaner with...
...agreement to merge would be tantamount to putting themselves up for sale. But the Delaware courts affirmed the right of corporate directors to pursue long-term strategies. Says Harvard law professor Reinier Kraakman of the new precedent: "This gives managers who are planning a friendly acquisition or a merger of equals a chance to go forward without losing out to a hostile acquirer...
...another deal that was driven by global ambitions, shareholders of SmithKline Beckman, developer of the anti-ulcer drug Tagamet, last week approved a merger with London's Beecham Group, which has built strong European markets. One week earlier Dow Chemical agreed to merge its Merrell Dow Pharmaceuticals subsidiary with Marion Laboratories, whose chief prescription drug is Cardizem, an angina treatment. In the afterglow of the Time-Warner marriage and other such deals, companies in many industries may gain greater confidence to embark on friendly combinations...