Loral Could Wind Up Being The Biggest Gun Of All

Bernard L. Schwartz, the wily chairman of Loral Corp., has long been the defense industry's savviest dealmaker. So when he was elbowed aside by giants such as Lockheed, Martin Marietta, and France's Thomson during the long battle to buy the defense and aerospace assets of bankrupt LTV Corp., many industry gurus wondered if Schwartz had lost his touch. But as he's done so often in the past, Schwartz surprised the experts: In late July, he swooped in with an eleventh-hour offer. Though rival bids could still appear, Schwartz now has the inside track to buy LTV's missiles unit for $240 million--20% less than Thomson was offering. "I don't see anybody being able to mount a serious attack on our position," Schwartz says.

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