Word: stockely
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Dates: during 1970-1979
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Though corporate takeovers have flourished mightily in the past couple of years, nearly all have been buy-outs for stock or cash. The old-fashioned proxy fight seemed little more than a memory, but now a battle has broken out for control of Kennecott Copper Corp., the biggest U.S. copper producer. Curtiss-Wright, which owns about 10% of Kennecott stock, is appealing to Kennecott's stockholders to vote at the annual meeting on May 2 to dump the incumbent management and elect a new board...
...billion, Curtiss-Wright, a maker of aerospace parts and industrial equipment, does not have the financial resources to make an outright tender offer for Kennecott. That would cost some $750 million. Curtiss-Wright even had to borrow from its banks to buy its 10% of Kennecott stock...
...overhanging the market, forcing the U.S. spot price down to about 620 per lb., below Kennecott's average cost. Some analysts, however, believe that copper might go as high as $1 per lb. by the end of 1979, as demand catches up with supply. But, if the stock market is any indicator, the prospects for Kennecott, as with most "smokestack" companies, are dim. Its stock sold for about $25 a share last week, far below the book value...
...subsidies, regulations and the growth of spending. Clearly, the immediate risks would be out weighed by the ultimate rewards. If the U.S. reduces domestic inflation, the dollar will rise, import prices will decline, purchasing power will expand, interest rates will fall, housing will climb, profits will increase, the stock market will turn up, capital spending will swell, more jobs will be created and business will flour ish. In sum, the small sacrifices made by special groups will lead to big benefits...
...cheapness and abundance of electrical slaves pose almost insuperable problems for the professional Mr. Fix-It, who can afford neither the space nor the capital to stock an adequate inventory of spare parts. Even big department stores, such as Macy's in New York City and Hudson's in Detroit, treat conked-out appliances like leprosy cases. As a result, many frustrated owners simply stash away the mute, inoperable machines like dirty clothes until they have enough to fill a shopping bag and take to a good repair shop-if they can find...