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CORPORATE COMBINATIONS IN THE USA

The most common way of joining businesses is through mergers. A merger occurs when one company absorbsanoth­er. In a merger, the absorbed company is often forced to abandon its identity.

In the 1980s, the number of mergers increased dramati­cally. Between 1980 and 1985, more than 60of the top 500 corporationsin the United States merged with other compa­nies. Multibillion-dollar corporate mergersin the mid-1980s included Nestie's acquisitionof Carnation, Capital Cities Communications' acquisition of the American Broadcasting Corporation (ABC), and General Motors' acquisition of Hughes Aircraft Company. In 1985 alone, more than 3.000 mergers and acquisitions occurred.

Three types of business mergers take place — horizontal combinations, vertical combinations,and conglomerate combinations.

Horizontal Combinations

A merger between two or more companies that produce the same good or service or dominate one phase of the production of a good is a horizontal combination. The Standard Oil Company provides a classic example of a horizontal combina­tion. In the 1870s, John D. Rockefeller and his associates formed the Standard Oil Company of Ohio.

Over the next 12 years, Rockefellers group purchased refineriesthroughout the United States. By 1882, Standard Oil controlled almost all of the country's oil industry. The Standard Oil Trust was formed in 1882 to unify the manage­ment of the various companies under Standard Oil's control. In the same year Standard Oil of New Jersey was chartered as one of the companies within the trust.

Vertical Combinations

A merger between two or more companies that are involved in different phases of the production of the same good or service is a vertical combination.The founding in the United States Steel Corporation in 1901 combined companies involved in different phases of the production and distribu­tion of steel. The combined companies owned ore deposits, ironmines, coalmines, shipping companies, railroads, and steel mills.United States Steel's founder, J.Pierpont Morgan, built the world's first billion-dollar corporation through the merging of these varied companies.

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1. A) Match the words to make word combinations
2. A) Practise using the words and word combinations in bold type to make other comparisons between some two-four regions of Russia. Write your best sentences down.
3. B) Find 5 sentences in the text with the given word-combinations.
4. B) Use some of the word combinations from the box and make 5 sentences to describe the trial procedure.
5. Compose sentences with the words and word-combinations from Ex. 10.
6. Compose sentences with the words and word-combinations from Ex. 8.
7. Compose sentences with the words and word-combinations from Ex. 9.
8. Conglomerate Combinations
9. Corporate/Institutional Members, Affiliates, Sponsors, and Partners
10. E. Briefly summarize the main idea of the text using the words and word combinations in bold.
11. E. Write a detailed plan of the text giving heading to its paragraphs and using the words and word combinations in bold.

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