Word: mergers
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...dispute had taken on historic proportions in November 1985, when a Texas jury issued a $10.5 billion judgment against Texaco for inducing Getty Oil to break a merger agreement with Pennzoil. After more than 17 months of intricate legal maneuvers, the battle came down to a test of strength and nerve between resolute executives at two powerful corporations. In the end, neither side was willing to move far enough from its initial negotiating stance to reach an agreement...
Sticking intently to the one business it knows best, McDonald's has been able to stay clear of Wall Street's merger-and-restructuring mayhem. The single-minded outfit prefers as few distractions as possible from its imperatives of "cleaner, faster, hotter." Diversify? No way, said Chairman Fred Turner recently to a fellow executive. "We have 16,000 rest rooms," noted Turner. "As soon as those are all clean, we'll talk diversification." Considering McDonald's penchant for perfectionism, that time may be a long...
...California-based chip producer, which was to take place for an estimated $225 million. Earlier this month Commerce Secretary Malcolm Baldrige went public with his opposition, hinting at national-security concerns and stressing the need to protect America's enfeebled semiconductor industry. Last week Fujitsu dropped its controversial merger plan even as U.S.-Japanese friction continued to rise over the issue...
Even as Trump and his fellow moguls were sorting out the final details of their deals, legislators in Washington were fuming about the latest spate of mergers. Some believe the Justice Department has acted irresponsibly in failing to challenge so many takeovers. While the volume of mergers has more than doubled since 1980, the number of federal court challenges to proposed transactions has declined by more than a third. Complained Democratic Senator Howard Metzenbaum of Ohio during hearings held last week by a Senate subcommittee: "Merger mania is rampant in this country today because the Reagan Administration has turned...
...state attorneys general last week voted unanimously to adopt merger guidelines that are stricter than those used by the Justice Department. Many states may now try to block some deals, no matter what the Federal Government says. Still, any legislation and legal action to curb megadeals will take time. Until then, says Wallace Turner, a broker at Manhattan-based Smith Barney, "takeover plays are alive and well." And plenty of stockbrokers, investors, traders and dealmakers intend to get in on the action while it lasts...