Playing the merger game
The wave of takeovers that has so dominated Big Business for the past year continued last week when another major merger bid was announced and yet another accepted after weeks of careful negotiation. The Bendix Corp., a widely diversified auto components and industrial manufacturing corporation, announced that it will seek to acquire the Martin Marietta Corp., which has holdings in a broad range of fields from chemicals to aerospace, for about $1.5 billion in cash and stock. Meanwhile, Cities Service Co. reluctantly agreed to accept a takeover offer from Occidental Petroleum Corp. If that approximately $4 billion transaction...
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