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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

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