Business Abroad: A Battle of Giants

From far off, British business may seem a genteel affair, but not when titans clash. Last week aggressive, research-minded Imperial Chemical Industries Ltd. (annual sales: $1.6 billion) began the biggest takeover struggle in Britain's history. It broke off coolly polite merger talks with slow-footed Courtaulds, Ltd. (sales: $481 million), Britain's biggest maker of artificial fibers. Faced with stubborn resistance from Courtaulds' board, which is reluctant to be swallowed up, I.C.I, declared a proxy war, publicly offered to swap $560 million worth of its stock for all of Cour taulds' outstanding shares....

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!