Business: THE CONGLOMERATES' WAR TO RESHAPE INDUSTRY

THE leaders of America's larger corporations have long been almost unchallenged rulers of their realms. Proud and powerful, self-confident and certain of their authority, they have often run their publicly held organizations very much like private fiefs. Now in many executive suites and board rooms, apprehension and even fear have replaced the old self-assurance. Some of the richest and most respected of the nation's companies have become vulnerable to sudden capture by a new and daring kind of business operator.

These men, mostly young and self-made, have little regard for established rules or customs. They are reshaping business in a...

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