Acquisitions: Arm, Hammer and Hammer

Many Americans mistakenly believe that the Arm & Hammer line of baking soda, detergents and deodorizers is owned by Industrialist Armand Hammer, 88. Irked by the common confusion, the high-profile chairman of Occidental Petroleum reportedly tried a few years ago to buy the label from its owner, Church & Dwight of Princeton, N.J. But now Hammer is at least a minority Arm & Hammer proprietor, after Occidental gained a slice of ownership in Church & Dwight by a new joint venture. Under the scheme, Church & Dwight received a 50% share in a potassium-carbonate plant owned by Occidental in Muscle Shoals,...