J a n . 4. 1962 f - i^re's a surge in the un men Musician tgkes aim at big time ... page 1J Rep-^Fom-fintoBrlS^al, com­ uott ■everything from stocks tovjnsurance continuing stock market Slump. For stantially from the 1,889 recorded in plained that Congress apparently bss Wru^^ philosophy was broadly articulated 1980, but about on a par with 1979's to credit. \ , accepted “a Trojan horse when it by Attorney General William many companies eyeing ispahsion, The prospect of further dare^la- it didn’t take too many com­ level. tion of the financial swyices approved generous corporate tax French Smith who proclaimed in a depreciations and oil decontrol in speech to a group of lawyers: “We putations on the pocket calculator to I’HE DOLLAR VALUES are business triggered other rn^ri^*' determine that it was often far more ..-hopes that basic Industries would ' IiJounameT’ ’t hpcn . ®''®" 8as- must recognize that bigness in expected to be record-shattering. deals and likely will inspire many- expensive to build new factories During the first nine months of 1981 more in 1982. As a means of grow more competitive and energy * ‘ ^"® elU ng too well business does not necessarily mean firms would search for new oil Manchester, Conn. d^ressed economic badness.” from the ground up or explore for alone, merger activity totaled |60.8 positioning themselves for the in­ Colder tonight; enti“ ^mpanies have natural resources than it was to buy billion, compared to $44.3 billion evitable day that Interstate banking reserves. The Marathon takeover Tuesday, Jan. 5, 1982 While the rhetoric has consistent­ contest shows such gestures are Uke hot cakes. ly stated that size alone was not a a complete company — lock, stock during all of 1980, the previous becomes legal, large banks signw cloudy Wednesday i sufficient reason to challenge a and barrel of oil — right off the New recoiM. preliminary acquisition agreements being abused, he charged. 25 Cents York Stock Exchange shelf. ^ng-door business Waii merger. Smith’s statement did not Those figures reflect the growth with other banks across the country. CONCERN ALSO MOUNTED — See page 2 istment bankers have signal a carte-blanche policy on Compared to the time, the risk of gargantuan deals that have MERGERS ALSO PROVED a over the rash of foreign takeovers. in arranging corporate mergers. ’ i.,. and the cost of building new plants dazzled even the hard-to-dazzle means of rescuing failing thrift in­ Earlier in the year, Canadians, has made even Las Both in action and public and operations from scratch — even pinstriped professionals on Wall stitutions, which btherwise would spurred by a new energy policy for Ibig chapels jealous. pronouncements, proposed mergers with the new tax incentives for Street have been forced to close their doors the provinces, went on a buying t than 2,000 corporate between major competitors have capital investment — acquiring During the first nine months of and leave heavy insurance claim spree for American oil properties on !ld in 1981 were some of not been sanctioned. another company off the rack on 1981 there were 94 merger deals burdens for federal agencies. both sides of the border and sent >ectacular and lavish in The government filed an antitrust Wall Street can often prove dirt which exceeded $100 million — the But the merging of America has some U.S. congressmen to the history, pairing such suit to block both L’TV’s takeover cheap. same number as took place during caused growing furor . on Capitol legislative drawing boards to try to attempt of rival aerospace contrac­ Take, for example, the oil in­ find ways to thwart the trend. Storm irporate America as: all of 1980. In 1975, by comparison, id lifts HUl. Conoco, General Foods- tor Grumman Corp. and the dustry. Wildcatters may drill 10,20, there were only 14 deals of such Just before Congress adjourned 4 - - -ys. -•'■' •r, MGM-United ArtisU, proposed beer industry takeover of 30 or more dry holes before they go magnitude. for the year, the House passed a bill Though the 186 foreign takeovers if-jj 'V )e Minerals, Occidental Schlitz by G. Heileman Brewing Co. bankrupt or find one witt enough oil of American companies during the The biggest in 1981 was the ordering a sixmonth moratorium on Iowa Beef Processors, ’The Federal Trade Commission to exploit commercially. large oil company mergers. ’The fiioit nine months of 1981 was only ndard Brands, SUndard also recently filed suit to block But on the stock exchange floor, ‘takeover of Conoco, which also / slightly higher than for the same Mobil from acquiring industry com­ became the biggest corporate measure faces a test in the Senate (-Kennecott, Prudential- the prospecting can turn a gusher sometime after the next session con­ period in 1979, many of the 1981 petitor Marathon Oil Co. takeover in U.S. history. In a three- portions of d a couple thousand each time out and at a fraction of venes on Jan. 25. variety have been mammoth. A clear definition of the ad­ the price. There’s no need to way blllion-dollar bidding war for recent acquisition of Santa Fe Inters' ministration’s stance, however, control of the nation’s ninth largest The House action developed from ! no signs of the merger prospect in the far comers of the the controversy surrounding the national by the Kuwait Petroleuni remains to be speiled out. Antitrust world, no need to spend millions on oil company, chemical-giant Du Corp., an agency of the Kuwaiti mount ig in 1982. sizzling bidding war between Mobil een an uptrend for quite Chief William Baxter has said the dry holes, and no n e ^ to wait. Buy a Pont Co. beat out ■ Mobil Oil and government, ran $2.5 billion. antitrust guidelines drawn up in 1968 Can^a’s Seagram liquor empire and U.S. Steel for Marathon Oil. is now, and there doesn’t company by making its stockholders Mobil’s attempt to gain control But behind the merger figures is a any sign of it running out are too restrictive. But until the an attractive offer and you have with a bid of $7.5. billion. large portion of transactions in­ By Dana Walker martial law was greeted by public says Dennis Williams, guideline revisions are completed in proven oil reserves in the ground The urge to merge has been more volving companies who previously United Press International 1982, how accommodating the new than a dazzling spectacle on Wall demonstrations in ' Finlay, Ohio, f W.T. Grimm i Co., a today. where residents feared Marathon's did some acquisitions of their own ped merger specialist, administration will be to mergers As John K. McKiniey, chairman of Street. and then decided to sell them off. The worst winter storms in more By Sandra Hill da, Jan Rulewski and Janusz between competitors wiil remain ’The merger blitz has changed the headquarters and jobs in Findlay Onyszkiewicz — might be put on tal of the upsurge in ac- Texaco Inc. — which had made an would vanish in a Mobil takeover. According to Grimm’s figures, 34 than 30 years paralyzed the West .United Press International en attributed to what unclear. early bid to buy Conoco Inc. — has complexion of entire industries. percent of the merger transactions and Midwest with a wall of snow, trial. A significant change in antitrust Three major acquisitions of . In Washington, the concern was -_/^Poland lifted portions of martial Jaruzelski told his diplomatifc^ ;o be a more accom- acknowedged: “We are cognizant over competitor buying competitor, have involved divestitures. rain and 80-mph winds, causing attitude imported to procedure, however, may have sur- that there is a price at which the brokerage houses — the Bache Not all the buying action took millions of dollars in damage and law in 10 provinces today and Prime audience Monday some ^lidarity* fac^w hen the FTC, in filing the Group by Prudential Insurance; especially In the oil industry. But Minister Wojciech Jaruzelski was leaders had accepted invitations to by the new administra- purchase of known reserves fn the many w e^ not exactly thrilled with place on the floor of the stock turning northern California into a suit\ against Mobil, gave what one ground is preferable to the risk of Shearson Loeb Rhoades by . sea of mud. At least 51 deaths were said to be willing to free some of begin talks with the government, Congressman critcaily labeled a U.S. S td l’s bid either. exchanges either. Some 56 percent vas the perception the exploration.” American Express, and Dean Witter of the acquisitions were of private blamed on the weather. “most hard-headed” Solidarity but other leaders were not “blueprint” to Mobil, spelling odt According to Tomi Simic, W.T. Reynolds by Sears Roebuck — may Rep. Clarence Brown, R-Ohio, the leaders if Western nations would cooperating and had to bg, kept in ministration would be leading GOP energy le^slator, con­ companies. Publicly traded com­ Harsh rains from California’s so companies started ' the terms under which a takeover of Grimm’s director of research, final have set the stage for a dramatic ih- worst winter storm in decades sent accept them. , isolation. Marathon might be acceptable. tended, “U.S. Steel might better panies — which c a u ^ most of the wouldn’t have tried un- figures for 1981 are expected to dustry revolution with prospects of year’s hoopla — accounted for only 7 a 350-passenger train — Amtrak’s Union sources, however, said In all, 5,000 Solidarity members, have used its money investing in some Solidarity leaders might be s administrations,” said ANOTHER DRIVING FORCE show between 2,200 and 2,300 giant financial supermarkets where percent of the action.