Word: royalities
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Dates: during 1980-1989
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Mergers do not inevitably mean unfriendly takeovers. Last week Royal Dutch/Shell Group (1983 nine-month revenues: $60.7 billion), the mammoth British and Dutch energy producer, sought to buy out minority owners of its Houston-based Shell Oil subsidiary. Royal Dutch offered $55 a share, or $5.2 billion, for the approximately 30% of the U.S. firm that it does not already own. Said Sir Peter Baxendell, Royal Dutch senior executive: "This will enable us to invest and operate within the U.S. and abroad without any obstructions that might result from the presence of minority shareholders...
...Wall Street, investors greeted last week's Texaco and Royal Dutch offers with delight. Shell Oil stock jumped 9½ points a share in one day, to 53½, on news of the Royal Dutch bid, while Getty climbed 3¼, to 120. The excitement quickly spread through other energy stocks, sparking a rally among the issues...
Some peace overtures were also made in the merger wars last week. The board of soft-drink producer Royal Crown Cos. reversed itself and agreed to recommend that stockholders accept a $40-a-share bid by Florida-based Investor Victor Posner unless a better offer comes along. Posner, an aggressive and frequently feared accumulator of big blocks of corporate stock, controls more than 26% of Royal Crown's shares. Separately, a Castle & Cooke-led group dropped its efforts to swallow Dr Pepper, another beverage company, which is planning to sell out to Forstmann Little & Co., a private investment firm...
Over the past five years or so, a revitalized Royal Academy of Arts in London has mounted some of the best historical art shows in living memory. The current one is "The Genius of Venice, 1500-1600," a survey of 144 paintings, 100 drawings, maps and documents, 42 sculptures and 65 prints, which has been on view at Burlington House since December. Do not walk to this one; run or fly, if you can. It will not travel; when it closes on March 11, a diorama of the energies that constituted one of the great moments in Western imagination will...
...marvelous thing about the Royal Academy's exhibition is the freshness and intelligence with which so much work is placed before the eye. This show is no routine "blockbuster," no flabby "Gold of the Gorgonzolas." It has been meticulously chosen by a committee of leading English and Italian scholars. It will open up areas of Venetian art that few but specialists were aware of. One is the print, part of the legacy of the 16th century publisher Aldus Minutius. The skill and beauty of the Aldine editions of illustrated works like the Hypnerotomachia Poliphili fostered an unsurpassed quality...