Word: tenneco
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...just that-for understandable reasons-after New York's Crane Co. came calling last year. Anaconda is in the red, and Crane Chairman Thomas M. Evans is known for his ruthless sacking of money-losing managers. Last week Anaconda found a giant protector: it and Houston-based Tenneco Inc. announced plans for what would be one of the biggest mergers ever in terms of total revenues-if it can be brought off over Evans' opposition...
...merger would unite companies with annual sales of $6.7 billion. Tenneco, whose profits rose to a record $342.9 million on $5.6 billion in sales last year, is a natural-resources and gas-pipeline firm, with interests ranging from chemicals to shipbuilding. Anaconda mines and processes copper, aluminum and other metals and manufactures a wide range of industrial materials. Recently the firm has been buffeted by reverses, including the 1971 expropriation of its huge Chilean copper holdings, falling copper prices and a slump in demand for Anaconda's products. Result: a $39.8 million loss in 1975 on revenues...
...takeover, Crane, which produces steel, valves and aerospace equipment and has sales of more than $1 billion a year, made its bid last fall. It offered a debenture with a market value of $17.58 paying 8% interest for each of 5 million Anaconda shares, or 23% of the total. Tenneco proposes to take all Anaconda stock in exchange for a new issue of Tenneco preferred, convertible into common. The terms work out to stock worth about $22 for each Anaconda share; Anaconda closed last week...
...master of the takeover game, is no man to back away from a fight. "He loves a contest, thrives on it," says a onetime associate. "He's an asset player-buys them cheap." Predictably, Evans declared last week that he would vote Crane's shares against the Tenneco merger...
...story reported that many major organizations in the movement "have sought to increase their income by investing in the very companies that they criticize most." The stock portfolios of the Sierra Club and the Sierra Club Foundation have included securities of such frequent targets as General Motors, U.S. Steel, Tenneco, Weyerhaeuser Co. (timber) and Exxon. The Environmental Defense Fund also holds Exxon, even though the fund fought a court battle against the Alaska pipeline, in which Exxon owns a 25% interest...