Word: steele
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Dates: during 1960-1969
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...warnings, the Justice Department last week singled out one of the largest of those multi-industry companies, Ling-Temco-Vought, as its first major target. The trustbusters announced that by mid-April they intend to file suit to force LTV to dispose of its 63% holding in Jones & Laughlin Steel Corp...
...from a $4,000,000-a-year contracting company into the nation's 14th largest corporation, with sales last year of $2.8 billion. And its takeover last summer of Pittsburgh's J. & L.-whose sales of $900 million make it the nation's sixth largest steel producer -was the biggest conglomerate merger in history. J. & L. stock was selling for about $50 before the merger; Ling paid $85 a share, or $425 million, for a 63% holding. It is quite likely that he not only overpaid but overextended himself in the process...
...decision to press court action was in part a response to pressure from the established leaders of American business, many of whom have called for Government help to put down the upstart conglomerates. Worries about conglomerates have been especially strong among executives of the generally conservative and slow-moving steel industry. Quite a few have sought to make their companies less vulnerable to takeover by revamping accounting procedures to increase reported earnings...
...different fields. Mitchell's chief trustbuster, Richard McLaren, plans to invoke the Clayton Antitrust Act's Section Seven, which prohibits corporate acquisitions that substantially lessen competition. He may well cite the anti-competitive potential of reciprocal purchasing arrangements, under which LTV subsidiaries, which use large amounts of steel, might favor J. & L. rather than go to the marketplace for the best deal. Beyond that, McLaren may argue that competition is lessened by the sheer concentration of economic power that results from conglomerate mergers...
...industrial bigness necessarily means badness. On the contrary, the U.S. has prospered in world trade precisely because of the relatively large size and resources of its companies. The takeover of Jones & Laughlin by an aggressive outsider like Jim Ling could prove something of a welcome stimulus to the clubby steel manufacturers, who commonly follow the lead of the U.S. Steel Corp. in pricing and other policy matters. Even his critics acknowledge that Ling is certainly imaginative. One testimony to the productive efficiency of his company comes from the Government itself, which has made it the nation's seventh largest...