Word: mergers
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...bade farewell to BankAmerica Chairman Leland Prussia, 57, who took early retirement. Now Clausen must deal quickly with a flood of red ink amounting to almost $1 billion in losses in the past five quarters at BankAmerica. He also faces the unwelcome challenge of a more than $2 billion merger offer from Los Angeles-based First Interstate Bancorp (assets: $50 billion). Last week a new possibility was reported by the Wall Street Journal: Citicorp, the largest U.S. banking institution, with assets of $176 billion, was also pondering ways to acquire BankAmerica...
Perhaps the most important development in house play this year has been a new rule mandating that each squad consist of at least 15 players. That dictum has lead to the merger of the Adams and Mather squads and of the Eliot and Lowell teams--and has resulted in the formation of a Currier House team for the first time in years...
Squads from Eliot and Lowell have also linked up for the first time this year. Although players from each team claim that the other guys initiated the merger, there is little doubt that the move was necessary...
...fact is that past fare wars have been one of the chief causes of the recent Darwinian merger wave. Says Economist Alfred Kahn of Cornell University, who is widely viewed as the father of airline deregulation: "Instability is the price we pay for competition." Indeed, some 150 airlines have filed for bankruptcy or ceased operation since 1978, as the industry has lurched from occasional feast to occasional famine. The low point for deregulated airlines came in 1982, when the industry suffered an $800 million operating loss. The best unregulated year was 1984, when industry-wide profits hit $2.3 billion...
...expert on airline deregulation: "This may not mean the end of low fares, just the end of $99 transcontinental fares." The Department of Transportation's Scocozza argues that "as long as there is head-to-head competition in the marketplace, we should not be concerned." For every airline merger, Scocozza adds, "I see a smaller carrier taking its place." Houston-based TranStar, for example, is now offering a $79 fare between Miami and Los Angeles. As far as overall customer choices are concerned, Al Becker, a spokesman for American Airlines, argues that today "most people can get to more places...