Word: mergers
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...noisy public name-calling and political infighting, all aimed at acquiring the nation's ninth largest oil company. Du Pont had won Conoco by outbidding Seagram, the world's biggest liquor distiller, and Mobil Oil, the second largest American petroleum firm. "There's never been a merger contest like it," said Joseph Perella, a member of the team of investment bankers from First Boston that advised Du Pont on its winning strategy...
...Some merger advocates also contend that big companies have the best chance of holding their own against increasingly aggressive foreign rivals. Larger and more efficient firms can often undersell huge overseas competitors, which frequently benefit from liberal antitrust policies. Says William Agee, chairman of Bendix Corp. "The acquisitions we're seeing at the moment will be a good thing for America in that they will make us more viable in the world market...
...merger momentum continues unabated, the public could demand congressional action to curb takeovers. Two years ago, Democratic Senators Howard Metzenbaum of Ohio and Edward Kennedy of Massachusetts introduced a bill in Congress that could have prohibited mergers between companies with assets of $2 billion or more. If sentiment against mergers grows, they stand ready to introduce that legislation again...
...rush to pass such an arbitrary limit on merger size could be a serious mistake. Says Justice's Baxter: "Mergers are a very important part of the functioning of capital markets, and one has to be very careful about a simplistic and sweeping reaction to merger surges...
...joined the Manufacturers Trust Co. in 1958, presided over its 1961 merger with the Hanover Bank, and was chairman of Manufacturers Hanover Trust, the fourth largest U.S. bank, from...