Takeover Tugs-of-War

Icahn grabs for USX, and Armacost gives up the fight at BankAmerica

From Manhattan's Wall Street to San Francisco's California Street and back, the sounds of heavyweight pushing and pulling echoed across the U.S. last week. Takeover tug-of-war, the contest of corporate wiles and financial muscle that has affected almost every major U.S. industry in the past two years, was back as a premier event in the business world. In the nation's top challenge matches, the largest U.S. steelmaker and the No. 2 banking company, already laden with problems, faced off with some ambitious would-be prizewinners.

For Pittsburgh-based USX, the steel and energy giant (1985 sales: $19.2 billion), the threat was only the...

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