Word: northwesterner
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...staged a quick series of assaults that were bound to alarm the country's Sandinista rulers. Outside the village of La Palmita, 80 miles north of Managua, the capital, the rebels ambushed a military convoy, killing 29 government soldiers. Over the next two days, on the outskirts of the northwestern city of Esteli (pop. 75,000), they damaged two bridges on Nicaragua's main artery, part of the north-south Pan-American Highway. Then in midweek they staged their most ambitious raid this year. Shortly after daybreak, several hundred insurgents swarmed into La Trinidad, a small town near Esteli...
...from conglomerate mergers. Companies are now snapping up firms in fields linked to their own rather than amassing jumbles of unrelated enterprises. Conglomerates were based on the idea that "if you're a good manager, you can manage anything," says Alfred Rappaport, professor of accounting and information systems at Northwestern's graduate school of management. "That wasn't necessarily true." Now, adds Rappaport, the thinking is "Let's go back to the core where we have the technology and the knowledge and a comparative advantage. Let's stick to things where we're better than the rest." As a result...
...disruptions that big mergers cause, many economists applaud them as a sign of a healthy and competitive economy. Acquisitions are "an important ingredient in a free-market system," says Northwestern's Rappaport. "There's no question that overall they're beneficial." Nor do economists really worry about all the firms in the U.S. eventually blending into one or two gargantuan companies. They note that new concerns are formed at an even faster clip than corporations are consolidating. So while the urge to merge will never end, says Yale Brozen, author of the 1982 book Concentration, Mergers and Public Policy, "that...
Management buyouts are evolving into offensive weapons too. "They can be viewed as offers made by internal raiders," notes Alfred Rappaport, professor of accounting at Northwestern University's Kellogg School of Management. In one snarled battle, investors, led by the former chairman of a Beatrice acquisition, offered nearly $5 billion for Beatrice, which last month rejected the bid. Now Beatrice (fiscal 1985 sales: $12.6 billion) may be turning to outsiders for help. Said one Chicago lawyer: "Their investment bankers are burning up the phone lines looking for a white knight...
...Vicar of Rome. But one of the darkest dark horses - Severino Poletto, 72, of Turin - was touted to me two months ago by a well-placed Vatican insider, who noted Poletto's simple pastoral approach, his working class roots, and the strong local character that is identified with his northwestern region of Piedmont. I have dropped his name to my other sources, and most simply shrug. Today I could see why. He was ambling alone toward a gate guarded by a pair of Swiss Guards. He too was without the Cardinal colors, wearing a short black overcoat over his black...