Utilities: Marriage Inside the Family

All kinds of situations impel companies to merge — too much or too little cash, a shortage or a surfeit of able executives, tax advantages or growth-manship. Last week two large but little-known conglomerates agreed to unite for an equally compelling reason: they were practically married anyway. Toronto-based International Utilities Corp.

and Philadelphia's General Waterworks Corp. have in common not only the same chairman, Stockbroker Howard Butcher III, but also the same president and chief executive, Chemical Engineer John M. Seabrook. The trouble with that sort of alliance, says Butcher, is that...

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