Word: mergers
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...merger looked like a good move, and Feldman started talking to Western Airlines, a regional carrier that flies in 15 states west of the Mississippi, Canada and Mexico. The two companies tried to merge in 1979, but the Civil Aeronautics Board at the time stopped them, arguing that such a deal would reduce air competition on the West Coast. But in March the CAB changed its decision and gave Continental and Western the go-ahead...
Then, just as the merger was about to take place, Texas International, led by its aggressive chairman Francisco Lorenzo, moved against Continental. Texas International had previously made unfriendly takeover bids on National Airlines...
Lorenzo quickly acquired 48.5% of Continental's stock. In one hectic day of trading, he bought 830,000 shares of Continental just 30 min. before the market closed. The Continental-Western merger was dead, and a bitter takeover battle between Continental and Texas International was under way. In April two veteran Continental pilots proposed that company workers buy a majority of the firm's stock through an employee stock-ownership plan. Though skeptical of the plan at first, Feldman soon threw his support behind it in a last-ditch effort to stop Texas International. Lorenzo immediately challenged...
...convinced. On July 31, Gutfreund invited them for a long weekend to a conference center in Tarrytown, N.Y., 27 miles from Wall Street. Between lunches and dinners laced with vintage wines and intermittent sets of tennis, the partners added up the benefits and disadvantages of a merger. By selling out, most of them, like Henry Kaufman, the firm's well-known chief economist, would become millionaires several times over. Gutfreund stands to reap $25 million to $30 million as the biggest winner of the deal. But the Salomon partners would be losing the autonomy and privacy that comes from...
...hydroelectric plant to supply power to an aluminum smelter, the Salomon Bros, wing of the new company could raise the capital for the plant, and the Phibro one would then market the final product. Said Hal H. Beretz, 45, the president of Phibro: "The parts of this merger are unique. There's nothing out there that is going to match this combination." That attitude was the driving force behind last week's merger announcement...