Conglomerates: Bid and Lost

The six-month struggle by Chicago's Northwest Industries to take over the B.F. Goodrich Co. has long since won wide recognition as a classic display of corporate attack and counterattack. The aftermath of Northwest's unsuccessful campaign, which ended last summer, is becoming a textbook case in its own right. Keenly sensitive to Northwest's charges of poor management performance, the Akron rubber company has undergone an extensive purge in its white-collar ranks (TIME, Dec. 26). Now Northwest is beginning to show some managerial fissures of its own.

Nobody at the losing conglomerate lost quite...

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