Word: mergers
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...merged, and the survivors have suffered staggering losses-$47.8 million for the 435 remaining N.Y.S.E. retail firms in April of this year alone. Last week it was the turn of one of Wall Street's oldest houses: W.E. Hutton & Co., founded in 1886, confirmed that it was talking merger with Thomson & McKinnon Auchincloss Kohlmeyer...
...February 1973 the court failed to sustain a Government challenge to the merger of Denver's First National Bancorporation and the First National Bank of Greeley, Colo., and in March it permitted General Dynamics Corp. to acquire United Electric Coal Cos. of Illinois. Last week, in what many lawyers and businessmen regard as a decisive turn in the court's attitude, it voted 5 to 3 to let two banks in the state of Washington merge...
...mergers have proved disappointing lately for such huge European companies as Dunlop Pirelli and British Leyland, but France's second and third biggest auto makers remain undaunted. Last week Peugeot and Citroën announced a kind of corporate engagement. Financial terms and most other aspects of the proposed merger were left vague by the companies' spectacularly uninformative statement, but one thing is clear: the merged firm will be a giant. Sales of the two companies now total about $4 billion a year, a figure running fender-to-fender with Daimler-Benz and outranked in the European auto...
Still, the combination seems curious. Citroën is obviously ripe for merger. The company in 1972 earned only a pathetic $6.3 million profit on $2 billion sales; last year it nearly doubled its earnings, but it recently announced that it expects a loss in 1974. The company has been hit hard by credit restrictions and high fuel costs, and its managers are more adept at engineering than at marketing. If the left had won the French presidential elections in May, Citroën would almost certainly have been a prime candidate for nationalization...
Peugeot seems to have less to gain from a merger. It has been doing very well on its own; in 1972 it earned $65.3 million, or ten times Citroën's profits, on just about the same sales: $2.1 billion. Peugeot offers a complete line of cars, in contrast to Citroën, which has concentrated on the upper and lower ends of the market with its avant-garde luxury lines and spartan, eccentrically styled Deux Chevaux. The merged company will be headed by Peugeot Director-General Francois Gautier, 67, but Michelin tire company, which owns a controlling...