Word: swapping
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Dates: during 1960-1969
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...career in the Prudential Insurance Co., knew little about chemicals. But Allied's board decided that the cool, analytical Fisk was the man to put some snap back into their company which for a decade had been falling behind Dow and Monsanto. Last week Fisk announced plans to swap $350 million in Allied stock to acquire Union Texas Natural Gas Corp., a major oil and gas producer whose output will guarantee Allied a supply of crude for its petrochemical business. First venture planned for the merged company: construction of a $40 million to $60 million petrochemical complex near Baton...
...Charles de Gaulle was generally getting tougher on the S.A.O., neither Paris nor Madrid was saying how long the prisoners would be held in jail. Possibly there might be a swap-although many Frenchmen were arguing that this would be a betrayal of France's longstanding tradition of offering political asylum to all comers...
...president of the 63-link Interstate Department Stores, whose annual sales rate has climbed from $90 million to $175 million since it entered discounting in 1959. With Wall Street's Lehman Bros, playing marriage broker. Ward's intends to pick up Interstate in a $50 million stock swap. The deal makes eminent sense to Manhattan's Cantor, who gives plenty of local autonomy to managers of Interstate's 42 standard department stores, but holds "a tight rein" on its 21 discount outlets. As an executive vice president of Ward's, Cantor would still run Interstate...
Vertical Take-Off. With the Lehman-raised cash, Thornton and Ash bought Litton, then a small microwave tube manufacturer, and began broadening its spectrum by picking up a handful of other small electronics firms. As its stock soared. Litton found it easy to swap shares for control of larger companies. By acquiring Digital Controls Systems Inc., it got a foothold in the manufacture of compact computers that make as many as 15,000 calculations per second for aircraft in flight. A merger with Monroe Calculating Machine Co. gave Litton a chance to apply its electronic talents to the burgeoning business...
...nation's business pages. At midweek Cities Service won an Interior Department contract to extract, process and sell to the U.S. up to $9.1 million a year worth of helium, production of which the Government previously monopolized. Next day Watson announced plans for a $108 million stock swap to acquire Columbian Carbon Co., an $80 million-a-year producer of carbon black, ink and pigments.Both moves were part of Watson's strategy to hedge Cities Service's bet in the slipping oil industry by expanding in related fields...