Stephen Bollenbach, the high-flying CEO of Hilton Hotels Corp., is strictly a bird of his word. Bollenbach told TIME last summer that he was looking to make significant additions to Hilton's hotel holdings. Last week he found what he was looking for--more than 130,000 rooms. Those lodgings happen to do business under the banner of Sheraton, which happens to be owned by ITT Corp. and run by Rand Araskog, a man not keen on having his corporate masterwork painted over. That's why Hilton's $55-a-share, $6.5 billion offer for ITT, whose holdings also include the Caesars World chain of casinos and Madison...
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