Mergers: Rookie of the Week

Such major-league conglomerates as ITT, Litton and Textron are veterans on the playing fields of corporate acquisition. But last week's biggest merger news came from a relative rookie.

In the space of two bold days, Manhattan-based City Investing Co. announced plans to acquire not only one of the largest U.S. shipping companies, Moore & McCormack Co., but also Milwaukee's Allis-Chalmers, lately the nation's most warred-over corporation.

Those were mighty targets indeed for a 64-year-old company that, until barely two years ago, had pretty much stuck to real estate dealings (primarily in the...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!