sHistory(29p) - Lecture Overview: M&A History M&A - a...

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Slide 1 Recent activity in the oilpatch
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Slide 2
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Slide 3 A century of deals 1900s HORIZONTAL consolidation defines the era: J.P.Morgan creates U.S.Steel by combining Carnegie Steel and nine other companies in 1901. Morgan pays $480 million for Carnegie Steel—worth $9.5 billion in today's dollars. Ends with 1904 Northern Securities Supreme Court decision R.O.T.
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Slide 4 A century of deals 10s PRESIDENT TAFT'S Justice Department breaks up John D. Rockefeller's Standard Oil (1911), one of several successful trust-busting efforts. 20s SAMUEL INSULL'S Middle West Utilities controls utilities in 39 states. Later becoming a symbol of greed and excess—and hounded by federal prosecutors—Insull dies broke and in disgrace in 1938.
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Slide 5 A century of deals 30s THE DEPRESSION quiets merger action, unraveling earlier deals. Durant Motors, put together by General Motors founder William Durant, goes bankrupt in 1935. "The sole consistency that I can find [in merger decisions] is that the government always wins." –Supreme Court Justice Potter Stewart in dissenting opinion in  Von's case.
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Slide 6 A century of deals 40s MERGER ACTION PICKS up slightly in this decade, but WWII hampers activity. Edward Noble acquires Blue Network from RCA for $8 million in 1943. Becomes American Broadcasting Co. in 1946.
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This note was uploaded on 04/02/2009 for the course DEPARTMENT FIN 4320 taught by Professor Sherwoodbishop during the Spring '08 term at Southwestern.

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sHistory(29p) - Lecture Overview: M&A History M&A - a...

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