Word: consortium
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...Manhattan, Philadelphia and Pittsburgh to Alcoa Urban Development Corp., a newly formed subsidiary of mighty Aluminum Co. of America, which wants to do a little diversifying in a way that will also promote the use of aluminum construction. Alcoa gave Zeckendorf Property Corp. (an equal partnership between the British consortium and Zeckendorf's Webb & Knapp Inc.) $10 million in cash, a 90% interest in Alcoa Urban Development Corp., and a note for $25.6 million payable within eleven years...
...research is expensive and may become more so, but Avco is backed by a consortium of eleven powerful electric companies that sense a power revolution not many years away. If a full-scale generator works out as well as Dr. Kantrowitz expects, it will turn the chemical energy of coal or oil into electrical energy with 56% efficiency. The most efficient modern steam-driven generators do not get better than...
Ever since he seized power in 1958. Kassem has been playing a cat-and-mouse game with the Iraq Petroleum Co., the international consortium that since 1942 has held exclusive oil exploration rights for virtually all of Iraq and has already found there proven reserves of 26.5 billion bbl. of oil. In the last four years alone, I.P.C. has invested nearly $300 million in Iraq, and Kassem's government is largely financed by its 50% cut ($266 million last year) of I.P.C.'s profits. But this was not enough for Kassem, who demanded that I.P.C. surrender...
...time he joined Henschel, Goergen bought up 27.5% of the company's stock, and by the end of 1960 he owned 95% of it. Last year he sold a 43.4% interest in the company to Paris-based Australian Financier Joseph R. Nash and a U.S. consortium including the Morgan Guaranty Trust Co., Yale University, and the General Tire Co. pension fund. One reason for the sale was that Goergen was finding it hard to persuade German banks to meet his ever-mounting demands for expansion capital. But he also had a nonfinancial motive. Says he: "I see great advantages...
...desperation, a consortium of West German banks brought in as boss of Henschel a most atypical German industrialist-short, swarthy Fritz-Aurel Goergen, 53-null makes no pretense to gentility or polish. In sports, his tastes run to soccer and pigeon raising, his favorite drink is the traditional German miner's tipple of "steel and iron" (schnapps mixed with beer), and an unwelcome visitor to his office is apt to be presented with a calling card bearing a highly ribald piece of advice. Fritz-Aurel Goergen proudly de scribes himself as a "little...