U.S. Business: Teaching Ling a Thing

One of the sharpest corporate skirmishes in memory swirled around Milwaukee last week, as Allis-Chalmers Manufacturing Co. found itself under heavy assault. The battle was joined by James Joseph Ling, 44, chairman of Dallas-based Ling-Temco-Vought, who during a nine-day fight for control of the company had eventually made a tender offer valued at $560 million—one of the biggest ever. But by week's end, staid Allis-Chalmers, which is the area's biggest employer, had delivered L-T-V its first defeat—however temporary—in Ling's long takeover history.

Looming Large. Ling's campaign naturally provoked nationwide fascination. Starting with...

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