Word: steeled
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Dates: during 1960-1969
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...result is a wave of construction projects resembling so many concrete-and-steel layer cakes. Manhattan's new Madison Square Garden is part of a development built on air rights atop Penn Station. Chicago's four-year-old circular Marina City apartment complex, already a city landmark, is built above the tracks of the Chicago and North Western Railway. In Newton, Mass., work began this month on a $40 million development-consisting, to start with, of a motel, a nine-story office building and a 650-car garage-that will straddle the bustling Massachusetts Turnpike...
...first boost in the early 1900s, when railroads realized that there was gold in the sky above their facilities. In Manhattan, the New York Central began leasing air rights over its tracks running north from Grand Central Station. Today, many of Park Avenue's most spectacular glass-and-steel office buildings occupy railroad airspace; also over the tracks is the Waldorf-Astoria Hotel, which, without a basement, keeps its wine cellar on the fifth floor. The 59-story Pan Am Building, which was built five years ago with an 80-year air-rights lease that could bring the railroad...
...Dallas-based Ling-Temco-Vought Inc., is a military buff who describes the conferences that lead up to his corporate takeovers as "war games." Last week, after a long war game, Ling made a tender offer for a controlling 62% of the stock of Pittsburgh's Jones & Laughlin Steel Co., the nation's fifth largest steelmaker. The offer meant that LTV stood ready to ante up $425 million in one of the largest cash tender offers ever made; at $85 per share, it also meant that Ling, to ensure quick action, was paying a big bonus on shares...
...board of directors is unopposed, the offer is most likely to be accepted; the steel company will probably become the biggest single unit in a conglomerate that already includes such divisions as Wilson meats, sporting goods and chemicals, Okonite cable and floor coverings, airplane, missile and electronics manufacturing and, since last February, Braniff Airlines and National Car Rental...
Whether Ling can succeed in the close-knit steel industry-where other conglomerate kings like Norton Simon have failed-remains to be seen. LTV plans to stick to a well-tried tactic: as in earlier acquisitions, it will go along with the old management. The stock that LTV acquires will be put into a five-man voting trust until 1971, with present J. & L. officers having a controlling three-man vote among the trustees. But there will be plenty of dividends for LTV. Jones & Laughlin recently reported first-quarter earnings of $11,706,000 on sales of $277 million...