Word: mergers
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Gulf and Standard Oil of California agree to a monumental merger...
Socal immediately said that it would sell many of Gulfs refineries and service stations after it acquired them to keep antitrust considerations from stopping the merger. Still, nervous investors were worried that the deal might fall apart or be stopped by the Government; Gulf shares dropped instead of rising toward the $80 takeover price. The stock closed the week...
...threat of Government antitrust action did end one proposed merger last week. U.S. Steel called off plans to link its steel operations with those of National Steel because of probable opposition from the Justice Department...
...their position with the Justice Department. Even former Antitrust Chief Baxter, now a law professor at Stanford, agreed. Said he last week: "The steel companies can't have it both ways. They can't have protectionism on the U.S. market and then expect to be judged on merger questions as if they operated in a free world market...
Stunned industry leaders appeared at a loss as to what to do next. Said LTV Spokesman Julian Scheer: "We had no contingency plans. We expected to get approval." McGrath held out a slim hope that the Justice Department might approve moves short of merger, such as swapping plants or joint raw material purchases. But that is a long way from the corporate marriage that LTV and Republic wanted...