Word: tobacco
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Shifts in Britain's $3.6 billion tobacco industry have bankers and investors doing a not-so-slow burn. It all began when a fight for control of Gallaher Ltd., the industry's second largest company ($940 million in annual sales, 27% of the market), turned into an all-American battle between Philip Morris and American Tobacco Co. With more and more of their industries being bought out by U.S. corporations, Britons were scarcely cheered to see another such move. What bothered them more was the way the takeover was handled. With the aid of two prestigious British financial...
Shades of Buck. The battle began after Imperial Tobacco, leader of the industry, decided to sell most of its 36.75% interest in Gallaher to get money for diversification. Philip Morris quickly moved in. Chairman Joseph Cullman III slapped down $110,400,000 for 50% of Gallaher's stock. Cullman's offer had two effects. Gallaher's board of directors stiff-upper-lipped it as "quite inadequate." And a major Gallaher shareholder that up to now had been satisfied with the status quo was shaken into action. American Tobacco has been a part of the market ever since...
...from the boots of returning officers. Walt Whitman watched the scene in the barroom and wrote angrily: "Sneak, blow, put on airs there in Willard's sumptuous parlors and barrooms, or anywhere-no explanation will save you. Bull Run is your work." Prices at the hotel's tobacco stand made Woodrow Wilson's Vice President, Thomas R. Marshall, huff: "What this country needs is a good 5? cigar...
...Ward contended. "It just means getting richer slower between Christmas and Easter, and that includes Lent. Let us tuck away in one corner of our Christian memory the delicious fact that the English-and French-speaking members of the Atlantic world spend $50 billion a year on drink and tobacco...
...different," complained the Wahoo, Neb., whiz. "Then it was strategy and quick thinking, and if you didn't play with your noodle you didn't play at all." Through 19 years in both major leagues, Wahoo Sam hit enough balls that were lopsided, soaped, sanded and tobacco-stained to win league home-run honors with the Cincinnati Reds (16 in 1901) and the Detroit Tigers (seven in 1908). His total of 312 triples set a record that has yet to be broken-even Willie Mays, now in his 18th season, has only...