Word: seagrams
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...real" aim (which was to house workers in Utopian communities) and became the house style of American capitalism. Soon the land was covered with glass boxes erected in helpless middle-class submission to intellectual fashion. Nobody liked these buildings then. Nobody wants them now. From sea to shining Seagram, it was a big waste of time. But the legacy is permanent, because the International Style created "Compounds," an entrenched dictatorship over taste centered in the Eastern universities. These Compounds wanted to impose abstract dogmas on the real world of American desires and American fantasies. Nobody since has been able...
Companies with large amounts of cash on hand, including Seagram and Bendix, have also been benefiting. High interest rates have depressed the price of certain energy stocks like Conoco. As a result, the cash-rich firms can buy the undervalued ones at a fraction of their true worth...
...Pont won its hotly contested prize through skill and guile. After making the initial takeover bid on Conoco, Du Pont stood by quietly as Mobil and Seagram aggressively justified their positions in newspaper ads and Conoco filed harassing lawsuits against both. At the same time, Du Pont was executing a clever financial play that enabled it to acquire a majority of Conoco shares at a lower price than Mobil was offering...
During the last two weeks of bargaining for Conoco, Seagram was no longer a serious contender. In spite of its nearly $3 billion bankroll, the Canadian distiller could not stay in the bidding with even better-heeled rivals. Seagram's final proposal was $92 per share...
When last week's deadline for investors to sell stock approached, Du Pont had received 47.3 million shares, or 55%, of Conoco stock. Mobil had managed to acquire only 736,000 shares, while Seagram had almost 27 million shares. After its takeover bid had failed, Mobil sold its Conoco stock to Seagram. When Seagram finally converts all its Conoco holdings into Du Pont shares, it will own about 20% of the company and be the second largest shareholder next to the Du Pont family. The stock purchase took Seagram out of bidding for any other oil company...