Word: mergers
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...rapid maneuvers, Texas Air has emerged as the high flyer in the country's fierce merger wars. On Oct. 1 Northwest Airlines formally merges its flight schedule with Republic's, creating what will be the fifth largest U.S. airline, with 9.4% of the market. Trans World Airlines, which gained DOT % approval early this month for its $250 million purchase of Ozark Air, will soon be the sixth-place carrier (8.1%). Two weeks ago Delta Air Lines announced a bid to take over the fourth-place spot (11.9%) in the passenger race with an $860 million play for Western. Warns...
Atlanta-based Delta Air Lines has long dodged the merger dogfights that have broken out all over the skies. Rather than pursue competitors, prosperous Delta (fiscal 1986 profits: $47.3 million) has grown by adding hubs in Dallas and Cincinnati. Last week Delta tacitly admitted that such a strategy might be a bit timid for these turbulent times. Seeking to become a force in the West, the carrier announced that it was buying Los Angeles-based Western Air Lines for $860 million. If approved by the Department of Transportation, the deal would give Delta two new hubs, in Salt Lake City...
...consult. He just looked for good deals, an elusive goal for many corporate chiefs. In the late 1960s, Tisch started playing the takeover game. His first catch was Lorillard, maker of Kent and True cigarettes. In 1968 Loews acquired the company in a friendly deal, but soon after the merger was completed, Tisch, taking an active hand, forced out the company's chief executive. No sense in sitting back and watching an acquisition turn sour, he believed. Lorillard profits subsequently showed stronger growth under Loews management...
...said to be among the first to raise the topic of CBS's purchase by another firm. Some of the directors were disturbed by reports, including those in a Newsweek cover story on CBS's troubles, that Wyman had talked to officials at several companies about a possible merger. (TIME has learned that feelers were indeed received by Philip Morris.) According to one of those present at the Ritz-Carlton, the directors considered such a purchase a bad idea; Paley was especially opposed. As a board source later explained, "We don't want the management of a big company that...
...West. Syria not only rejects the existence of an Israeli state, it has little use for a Palestinian state. Syria and its favorite Lebanese terror group, the Syrian Socialist Nationalist Party, have a different vision. An Associated Press dispatch summarizes it nicely: "The secular SSNP seeks the merger of Lebanon, Syria, Jordan, pre-Israel Palestine, Iraq, Kuwait and Cyprus" -- Cyprus! -- "into a Greater Syria...