Word: vought
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Dates: during 1960-1969
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...conglomerate company-in disarmingly simple terms. "If you have all your eggs in one basket, you're stuck with those eggs," says Bluhdorn. "But if you've also got apples and bananas, that's something else." Following that formula, Bluhdorn, James Ling of Ling-Temco-Vought, Harold Geneen of ITT and several others have traced the tracks of such conglomerate pioneers as Litton and Textron across industry lines into movies and machinery, aircraft and auto parts, cigars, cybernetics and clothing. Along the way, the conglomerates have stirred up what the Federal Trade Commission calls the "sharpest merger...
...Ling-Temco-Vought...
There was also plenty of push and shove lower down on the list. Nine companies appeared for the first time among the industrial corporations with sales of more than a billion dollars: Ling-Temco-Vought, Signal Oil & Gas, Raytheon, Consolidated Foods, Honeywell, Coca-Cola, Getty Oil, TRW and Colgate-Palmolive. Five other corporations-Inland Steel, Grumman Aircraft Engineering, General Tire & Rubber, Jones & Laughlin Steel, and Olin Mathieson Chemical-fell out of that group. In sum, including also the merger of the billion-dollar member Douglas Aircraft into McDonnell Douglas last year, there was a net gain of three...
James J. Ling, 45, chairman of Dallas-based Ling-Temco-Vought Inc., is a military buff who describes the conferences that lead up to his corporate takeovers as "war games." Last week, after a long war game, Ling made a tender offer for a controlling 62% of the stock of Pittsburgh's Jones & Laughlin Steel Co., the nation's fifth largest steelmaker. The offer meant that LTV stood ready to ante up $425 million in one of the largest cash tender offers ever made; at $85 per share, it also meant that Ling, to ensure quick action...
...stock-swap deal, worth some $366 million at current prices, comes off as planned, one of the nation's longest-running merger dramas will come to an end. Since last summer, the huge farm-and industrial-equipment maker has spurned the courtship of Dallas' LingTemco-Vought, been dropped by General Dynamics and forcefully wrenched from a third merger prospect, Signal Oil. That, reportedly, was the work of Kleiner, Bell & Co., a Beverly Hills brokerage firm, which holds some 15% of Allis-Chalmers stock. Kleiner, Bell President Burt Kleiner, who had apparently bought in when Allis-Chalmers was selling...