Word: phibro
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Dates: during 1980-1989
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...performers while at the same time eluding takeover bids by other financial companies. But its independence is growing tenuous. Hutton's shake-up could prompt some senior executives and other large stockholders to welcome a takeover offer. That could make Hutton an easier acquisition target for such firms as Phibro-Salomon, the investment company, or Chrysler, which has been seeking to buy a financial subsidiary. While Hutton executives hope that Bell's report will be the end of the overdraft episode, the story may not be over...
...Phibro-Salomon, New York...
During the past year Corporation members have and personally with the heads of three firms--Joy Manufacturing Company. Dim and Bradstreet Corporation and Phibro Salomon, Inc.--whose policies are considered particularly objectionable...
...Salomon Bros.-Phibro agreement continues the pattern of recent megadollar mergers on Wall Street that began with Bache's acquisition by Prudential Insurance and the American Express takeover of Shearson Loeb Rhoades. The combined Salomon Bros.-Phibro firm, though, will not be going after new customers for credit cards or insurance. It will be making corporate deals on an unprecedented worldwide scale...
...Phibro, for example, already sells alumina, the material used to make aluminum, for Guyana. If that South American country some day needs a new 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...