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No More Hostiles for American Home

Executive Summary

American Home Products has always kept earnings rising with aggressive marketing and aggressive acquisitions, squeezing costs out of companies it's taken over. But it's now run out of such straightforward solutions: while it will nominally control the AHP/Monsanto combination, chairman Jack Stafford won't be able to dictate the kinds of cost savings AHP's gotten from its other deals. He'll have to share power; maybe even give it up altogether.
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