From Manhattan's Wall Street to San Francisco's California Street and back, the sounds of heavyweight pushing and pulling echoed across the U.S. last week. Takeover tug-of-war, the contest of corporate wiles and financial muscle that has affected almost every major U.S. industry in the past two years, was back as a premier event in the business world. In the nation's top challenge matches, the largest U.S. steelmaker and the No. 2 banking company, already laden with problems, faced off with some ambitious would-be prizewinners.
For Pittsburgh-based USX, the steel and energy giant (1985 sales: $19.2 billion), the threat was only the...
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