Word: tenneco
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...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...
...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...
...only farm corporations, but USDA figures indicate that in 1968 40 per cent of all farm tax returns over $500,000 were filed by sole proprietorships. In addition, USDA definitions of "farm corporation" include only those corporations where farm products account for the largest part of business receipts. Therefore Tenneco, which owns approximately 1,000,000 of California's 36.6 million acres of agricultural land, would not be included in Mr. Ferrara's statistics. It is estimated that the 1 per cent of farm corporations that Mr. Ferrara refers to receive from 25 to 30 per cent of the nation...
...officials admit that the agency was remiss in not having all its high officials make full financial disclosures. That step, the GAO says, would have revealed that 19 of the agency's 125 top employees held stock in gas-producing firms under FPC jurisdiction, including Exxon, Texaco and Tenneco. Moreover, seven of these officials were administrative-law judges who preside over cases that come before the FPC, and in at least one case, a judge apparently presided over a hearing involving a company in which he held stock...