Word: salomone
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...ferreting out prospective acquisitions routinely requires twelve-hour days. Then, when the bidding starts, the bankers have to be ready to sacrifice their personal lives to the deal. As a result, almost all the top mergermakers are in their 30s or 40s. Jay Higgins, 38, the head of Salomon Brothers' merger department, spent six months working twelve hours a day nearly seven days a week to help Gulf Oil fend off a hostile takeover by a group of investors led by T. Boone Pickens' Mesa Petroleum. The payoff came when Gulf merged with Socal...
...mergermaking remain enormous. The fees for a completed deal can run as much as 1.5% of the merger price, and are paid regardless of whether a company's takeover battle plan is successful, or even how much work the banker does. Gulf will pay Merrill Lynch and Salomon Brothers $46 million in fees when it is bought by Socal. In the Getty-Texaco merger, Goldman Sachs, representing Getty, did most of the work and First Boston "just carried Texaco's baggage," according to one participant. Still, First Boston will receive $10 million from Texaco...
...Boston with getting an extra $670 million, or $15 a share, when his company was sold to Fluor Corp. Recalls Duncan: "First Boston knew all the tricks. We got more than our money's worth." Says Michael Callahan, senior vice president of Quaker Oats, who worked closely with Salomon Brothers and Goldman Sachs when Quaker Oats bought Stokely-Van Camp last year: "Our business is food, and not mergers. So whenever we go shopping, we seek professional help...
...depend more on its old phone business than its new computers. Critical to the company are off-delayed flat fees for longdistance service, called access charges, that were to go into effect in January but have been stalled by the Government until next year. Says Analyst Mark Luftig of Salomon Bros.: "A T & T's most immediate problem is two words: access charges." Those fees, ranging from $2 for individuals to $6 for small-business users with only one line, would have given $3.5 billion to local phone companies to offset the loss of subsidies from long-distance tolls...
...company, which is training 6,000 computer salespeople and 2,000 service technicians, has the ability to sell data processors effectively. "No one knows how long it's going to take for those people to become an effective sales organization in a competitive market," says McClellan of Salomon Bros. "AT&T has never had to do that before...