Word: mergers
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...fight to stay alive, smaller brewers have been racing to find merger partners, adding yet more turmoil to the churning industry. Pabst Brewing Co. of Milwaukee, once a leading brewer, has spent the past two months trying to merge with Olympia Brewing Co. of Washington State, while in the process having to fend off takeover attempts by the Wisconsin-based G. Heileman Brewing Co., as well as legal attacks by a dissident Pabst shareholder, Irwin Jacobs. Meanwhile, the Stroh Brewery Co. of Detroit, which acquired New York City's F. & M. Schaefer Co. in 1981, is still struggling...
...over another beer company. In October, Washington stopped its drive to acquire the Jos. Schlitz Brewing Co. Last week the Justice Department ruled against Heileman's offer to pay $24 per share for Pabst, the fifth largest U.S. brewer. While the Reagan White House is more amenable to mergers than the past few Administrations, not all takeovers can count on its blessing. After the publication of the merger guidelines last week, the rules of the game will now be a little clearer...
...easy. The formula is applied by adding together the sum of the mathematical squares of every company's market share in a particular industry or business. For example, if five companies each have 20% of a market, the Herfindahl index for that market would be 2,000. A merger of two of those companies, though, would automatically push the index to 2,800, and the 800-point increase would almost certainly provoke a challenge under the new guidelines. By contrast, the index for a market in which 20 companies each have 5% of the business would total...
Though Reagan Administration critics quickly attacked the new rules as too lenient to Big Business, there seems little likelihood that the regulations will unleash a new wave of Wall Street merger mania. They actually just put down in a more formal fashion the policy followed by the Reagan Administration during the past year and a half...
...concluded, the takeover would rank as the third largest in U.S. corporate history, surpassed only by last year's $7.5 billion merger of Conoco and E.I. Du Pont de Nemours, and the $6.2 billion acquisition of Marathon Oil by U.S. Steel. The resulting company would instantly become the seventh largest American industrial firm, with sales exceeding $36 billion...