Business: A New Champ Of Takeover

McDermott wins the big ones

There is still money to be made in the stock market—by accident, anyway.

The 28,345 stockholders of Babcock & Wilcox, a big but ho-hum company that makes boilers and piping, have seen the value of their shares jump 69% since January, though profits are down from 1976 Two cash-rich companies, United Technologies Corp. of Hartford and J. Ray McDermott & Co., Inc. of New Orleans, have been bidding for B & W shares as feverishly as well-heeled Texas art fanciers at a Sotheby's auction. The bidding started at $42 per share offered by United in March, and spiraled...

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