Business Services Industry
Northrop Merger with Lockheed Draws Unexpected U.S. Opposition.
Knight Ridder/Tribune Business News, March, 1998
By Andy Dworkin, The Dallas Morning News Knight Ridder/Tribune Business News
Mar. 10--Lockheed Martin Corp. agreed to delay its purchase of rival arms maker Northrop Grumman Corp. until April 24, after federal regulators expressed unexpected opposition to the proposed combination over the weekend.
The delay, announced after U.S. stock markets closed Monday, followed an early morning disclosure that Justice Department regulators were "fundamentally opposed to the proposed combination between the two companies." The Justice Department can sue to block mergers if it determines that they will unfairly limit competition in an industry.
Although the companies have pledged to fight for the merger in court if necessary, officials will...
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