Word: mergers
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...corporate stationery had been changed. The quarterly report spoke of "a dynamic future" for "two strong, compatible companies." Indeed, the 1983 merger of the Santa Fe and Southern Pacific railways was a done deal. Well, almost done. After pondering the matter for 2 1/2 years, the Interstate Commerce Commission unexpectedly rejected the merger last week, declaring that it would be anti-competitive. Had the deal been approved, Santa Fe Southern would have become the third largest railroad in track miles (25,000), behind Burlington Northern...
...company will not be devastated. Real estate, not railroads, accounted for the bulk of its 1985 revenues of $6.4 billion. The same, however, cannot be said for the less diversified Southern Pacific (1985 revenues: $2.5 billion), which has barely made a profit over the past three years. Before the merger, Southern faced bankruptcy, and that could once again be a possibility...
Despite its huge size, Bank America can lose money for only so long before needing an injection of outside investment. Many experts think the bank will struggle along without needing any bailout from the FDIC. A more likely possibility would be a merger with another bank, perhaps even with one of the Japanese institutions that have gained a foothold in California in recent years. "Stranger things have happened," says Chairman Leland Prussia. "If someone comes up with a good proposal, we would consider it seriously." Time could be running out for the bank's president and chief executive, Samuel | Armacost...
...time when several struggling retail chains, including Gimbels and Ohrbach's, are closing their doors, St. Louis-based May Department Stores seems to be thinking only of expansion. Last week May, which operates 2,206 outlets, proposed a friendly merger with Associated Dry Goods, a New York City-based chain with 454 stores, among them Lord & Taylor. Experts estimate that the new company would rank among the top five retailers...
...offered $2.7 billion for Associated. When the New York firm's directors did not respond, May made a hostile bid of $2.4 billion directly to shareholders. Wall Streeters doubt Associated can fight off a merger. But it may try to find a higher bidder. After all, no retailer wants to give away the store...