Word: seagrams
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...Seagram's Bronfman looks for a way to spend his oil profits...
...flush with oil profits have sought to use that money to buy mineral and mining firms. Standard Oil of California bid $4 billion for the 80% it does not already own of Amax, which has vast reserves of molybdenum, a metal used to make special steel alloys, and nickel. Seagram Co., the whisky distiller, which sold $2.3 billion worth of Southwest oil and gas properties last month, has offered more than $2 billion for St. Joe Minerals, a producer of lead and zinc...
There may still be some fierce boardroom battles ahead, however. Some of the brides are a little reluctant. Last week directors of St. Joe Minerals-rejected Seagram's $45 a share bid, calling it "grossly inadequate." Amax has also been cool to Socal's takeover offer, apparently in an effort to drive up the initial offer of as high as $86 a share...
When Cunningham reports for work March 16 in Seagram's bronze-hued glass tower on Manhattan's Park Avenue, she will coordinate the company's wine ventures. They include Paul Masson and Gold Seal brands bottled in the U.S.; Barton & Guestier wines in France; vineyards throughout Europe; and the marketing for Christian Brothers Wine and Brandy...
Cunningham's Seagram job is a prize, but it may not equal the job she lost at Bendix. Agee had made her his top assistant in charge of planning the corporation's intended metamorphosis from a staid manufacturing and natural resources concern into a high-technology conglomerate. Seagram has a task of similar magnitude: it must invest the $2.3 billion that it reaped last year from the sale of its U.S. oil and gas properties. But Cunningham will not be directly involved in this enterprise...