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50-542: The American diversified multinational conglomerate is owned and chaired by Bruce Wayne , the son of Thomas and Martha Wayne . Wayne Enterprises is based out of Gotham City and headquartered in Wayne Tower. Wayne Enterprises and the Wayne Foundation are largely run by Bruce’s business manager, Lucius Fox . Fox makes most company decisions on Bruce’s behalf, since Bruce’s time is largely occupied by his duties as

100-429: A market inefficiency , which undervalues the true strength of these stocks. In her 1999 book No Logo , Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them: A relatively new development, Internet conglomerates, such as Alphabet , Google's parent company belong to the modern media conglomerate group and play

150-544: A penthouse where Bruce Wayne lived for a period of time. It also has a secret elevator that leads to a matching Batcave in a secret sub-basement under the building. Through the Wayne Foundation and the affiliated organizations underneath, Bruce Wayne addresses social-economic problems encouraging crime, assists victims of crimes, and maintains connections to the streets through the soup kitchens and social services groups; all of which augments his crime fighting efforts in

200-480: A disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city. Most conglomerates' headquarters were located on the West Coast or East Coast , while many of their acquisitions were located in the country's interior. Many interior cities were devastated by repeatedly losing

250-540: A focus in Asia.) In Japan, a different model of conglomerate, the keiretsu , evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui , Mitsubishi , Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to

300-476: A major role within various industries, such as brand management . In most cases, Internet conglomerates consist of corporations that own several medium-sized online or hybrid online-offline projects. In many cases, newly joined corporations get higher returns on investment , access to business contacts, and better rates on loans from various banks. Similar to other industries many companies can be termed as conglomerates. Penthouse apartment A penthouse

350-419: A number of building services, such as pickup and delivery of everything from dry cleaning to dinner; reservations to restaurants and events made by building staffers; and other concierge services . Penthouse apartments can also be situated on the corner of a building, providing 90° or more views of the surrounding skyline. Penthouse apartments are considered to be at the top of their markets, and are generally

400-423: A number of orphanages and free schools, and provides teachers for those who have learning difficulties. Artists can apply for grants from the foundation to help support them in furthering the arts. The foundation sponsors companies like Family Finders. Family Finders is an organization directed at finding lost people and uniting families. The Martha Wayne Foundation also sponsors and runs dozens of soup kitchens within

450-625: A small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett 's Berkshire Hathaway , a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries. The end of the First World War caused a brief economic crisis in Weimar Germany , permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes , established

500-477: A structure on the roof of a building that is set back from its outer walls. These structures do not have to occupy the entire roof deck. Recently, luxury high rise apartment buildings have begun to designate multiple units on the entire top residential floor or multiple higher residential floors including the top floor as penthouse apartments, and outfit them to include ultra-luxury fixtures, finishes, and designs which are different from all other residential floors of

550-426: A terrace, fireplace , more floor area, oversized windows, multiple master suites, den/office space, hot-tubs, and more. They might be equipped with luxury kitchens featuring stainless steel appliances, granite counter-tops, breakfast bar/island, and more. Penthouse residents often have fine views of the city skyline . Access to a penthouse apartment is usually provided by a separate elevator. Residents can also access

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600-472: A way that his Batman persona cannot. This arrangement also provides a large network of connections in the world of charities. He finds out about the newest trends, sciences and the arts. The Thomas Wayne Foundation is a foundation for medicine and medical help. This foundation gives annual awards for medical breakthroughs and lifelong commitment, similar to the Nobel Foundation . The Thomas Wayne Foundation

650-744: Is also responsible for funding the Thomas Wayne Memorial Clinic in Park Row, Gotham's infamous Crime Alley . The foundation funds and runs dozens of clinics in Gotham. Bruce Wayne's surrogate mother, Dr. Leslie Thompkins , runs the Memorial Clinic in Crime Alley and governed the other clinics until she left Gotham. The Martha Wayne Foundation is a patron and supporter of arts, families, education, and tolerance. The foundation supports and helps to run

700-411: Is an apartment or unit traditionally on the highest floor of an apartment building , condominium , hotel , or tower . Penthouses are typically differentiated from other apartments by luxury features. The term 'penthouse' originally referred, and sometimes still does refer, to a separate smaller 'house' that was constructed on the roof of an apartment building. Architecturally it refers specifically to

750-472: Is currently China's largest civilian-run conglomerate by revenue. In South Korea , the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung , LG , Hyundai Kia and SK . In India, family-owned enterprises became some of Asia's largest conglomerates, such as

800-507: Is exclusively controlled. Penthouses can also differentiate themselves by luxurious amenities such as high-end appliances , finest materials fitting, luxurious flooring system, and more. Features not found in the majority of apartments in the building may include a private entrance or elevator , or higher/vaulted ceilings. In buildings consisting primarily of single level apartments, penthouse apartments may be distinguished by having two or more levels. They may also have such features as

850-562: Is influenced by a 16th-century folk etymology that combines the Middle French word for "slope" ( pente ) with the English noun house (the meaning at that time was "attached building with a sloping roof or awning"). European designers and architects long recognized the potential in creating living spaces that could make use of rooftops and such setbacks . Penthouses first appeared in US cities in

900-453: Is the headquarters of Wayne Enterprises. Also called "Old Wayne Tower" and "Wayne Industries Headquarters"; it was built in 1888 by Alan Wayne. After its construction, the tower was the tallest building in Gotham City. Built as a symbol to welcome all of those who enter the city, Wayne Tower has 13 gargoyles or "guardians", which Alan Wayne insisted they be called, welcome visitors for each of

950-555: The Aditya Birla Group , Tata Group , Emami , Kirloskar Group , Larsen & Toubro , Mahindra Group , Bajaj Group , ITC Limited , Essar Group , Reliance Industries , Adani Group and the Bharti Enterprises . In Brazil the most important conglomerates are J&F Investimentos , Odebrecht , Itaúsa , Camargo Corrêa , Votorantim Group , Andrade Gutierrez , and Queiroz Galvão. In New Zealand, Fletcher Challenge

1000-541: The DC Universe . The primary aims of the foundation are, globally, the arts and humanities: to enhance healthcare and reduce extreme poverty, to expand educational opportunities and access to information technology, and to fund scientific research and help altruistic people with research by providing facilities and training. The foundation has its own building, called the Wayne Foundation Building, which includes

1050-641: The United States , conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts. However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation. In contrast, conglomerates have remained prevalent in Asia, especially in China , Japan , South Korea , and India . In mainland China , many state-affiliated enterprises have gone through high value mergers and acquisitions , resulting in some of

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1100-572: The highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital. During the 1960s, the United States was caught up in a "conglomerate fad " which turned out to be a form of an economic bubble . Due to a combination of low interest rates and a repeating bear-bull market , conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from

1150-501: The vigilante , Batman. In the 2020 storyline The Joker War , the Joker seizes control of the company and steals much of Batman's money. Founded by merchant ancestors of the dead Wayne family in the 17th century as a merchant house, it is among the oldest companies in the DC Universe. The company began as a dozen businesses started by brothers Judge Solomon Wayne and Joshua Wayne. With

1200-433: The 13 entry points into the city. The five guardians on the first tier watch the original five gateways into Gotham, the three bridges and two tunnels. Higher up, the seven guardians watch the seven train lines that converge at Union Station below the tower's base. A 13th guardian was added in 1930 and sits in the middle of the tower. This last one, added by Henry Wayne, watches the airport and cannot be seen by elevator or from

1250-610: The 1920s with the exploitation of roof spaces for upscale property. The first recognized development was atop the Plaza Hotel overlooking Central Park in New York City in 1923. Its success caused a rapid development of similar luxury penthouse apartments in most major cities in the United States in the following years. The popularity of penthouses stemmed from the setbacks allowing for significantly larger private outdoor terrace spaces than traditional cantilevered balconies . Due to

1300-440: The 1960s include Gulf and Western Industries , Ling-Temco-Vought , ITT Corporation , Litton Industries , Textron , and Teledyne . The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval,

1350-618: The 1980s, General Electric also moved into financing and financial services , which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal , which owns the NBC television network and several other cable networks . United Technologies was also a successful conglomerate until it was dismantled in the late 2010s. With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning

1400-523: The Subway Rocket vehicle stationed beneath the bunker. Conglomerate (company) A conglomerate ( / k ə ŋ ˈ ɡ l ɒ m ə r ə t / ) is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries. A conglomerate usually has a parent company that owns and controls many subsidiaries , which are legally independent but financially and strategically dependent on

1450-598: The United States, some of the examples are The Walt Disney Company , Warner Bros. Discovery and The Trump Organization (see below). In Canada, one of the examples is Hudson's Bay Company . Another such conglomerate is J.D. Irving, Limited , which controls a large portion of the economic activities as well as media in the Province of New Brunswick . Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount ) as evidential of these disadvantages, while other traders believe this tendency to be

1500-510: The building. These penthouse apartments are not typically set back from the building's outer walls, but are instead flush with the rest of the building and simply differ in size, luxury, and consequently price. High-rise buildings can also have structures known as mechanical penthouses that enclose machinery or equipment such as the drum mechanisms for an elevator . The name penthouse is derived from apentis , an Old French word meaning "attached building" or "appendage". The modern spelling

1550-480: The city. Under the Wayne Foundation building, there is a secret bunker, which is similar to the secret bunker of New Babylon in The Hague . As of Batman #687, Dick Grayson has taken to using this as his " Batcave ," stating that he wishes to embody the role of Batman in a way that is specific to him as well as getting closer to the action in the city. The bunker is as well-equipped as the original Batcave, including

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1600-455: The conglomerate usually settled the transaction in something other than cash, like debentures , bonds , warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead). The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share . In finance jargon,

1650-558: The deck. At the top of the tower is an observation deck which Alan Wayne asserted be open to the public for free every weekend. It has double bonded laminated float glass for windows that are crystal-quality, weatherproof, and unbreakable. The Wayne Foundation is the holding company for the Thomas Wayne Foundation and the Martha Wayne Foundation; it is the largest transparently operated private foundation within

1700-446: The desirability of having outdoor space, buildings began to be designed with setbacks that could accommodate the development of apartments and terraces on their uppermost levels. Modern penthouses may or may not have terraces. Upper floor space may be divided among several apartments, or a single apartment may occupy an entire floor. Penthouses often have their own private access where access to any roof, terrace, and any adjacent setback

1750-462: The end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter. This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $ 90 to $ 53". It would take two more years before it was clear that the conglomerate fad

1800-751: The examples are Adamjee Group , Dawood Hercules , House of Habib , Lakson Group and Nishat Group . In the Philippines , the largest conglomerate of the country is the Ayala Corporation which focuses on malls , bank , real estate development , and telecommunications . The other big conglomerates in the Philippines included JG Summit Holdings , Lopez Holdings Corporation , ABS-CBN Corporation , GMA Network, Inc. , MediaQuest Holdings , TV5 Network, Inc. , SM Investments Corporation , Metro Pacific Investments Corporation , and San Miguel Corporation . In

1850-714: The headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles. Pittsburgh, for example, lost about a dozen. The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era. The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of

1900-426: The money. The board also set about attempting to remove Bruce Wayne from active participation within the company and simply pay him a large amount to fund his playboy lifestyle. Lucius Fox is attempting to fight the situation on Wayne's behalf and return his fortune to him with no legal ramifications. This has reduced Bruce's personal wealth status from a billionaire to a millionaire. Within the DC Universe, Wayne Tower

1950-503: The most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises. The best-known British conglomerate was Hanson plc . It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of

2000-652: The new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells. The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency and unlocking shareholder value (which often translate into spin-offs ). In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during

2050-731: The parent company. Conglomerates are often large and multinational corporations that have a global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions , spin-offs , or joint ventures . Conglomerates are common in many countries and sectors, such as media , banking , energy , mining , manufacturing , retail , defense , and transportation . This type of organization aims to achieve economies of scale , market power, risk diversification , and financial synergy. However, they also face challenges such as complexity, bureaucracy , agency problems, and regulation . The popularity of conglomerates has varied over time and across regions. In

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2100-714: The production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics , video games , the music industry , television and film production and distribution , financial services , and telecommunications . In China, many of the country's conglomerates are state-owned enterprises , but there is a substantial number of private conglomerates. Notable conglomerates include BYD , CIMC , China Merchants Bank , Huawei , JXD , Meizu , Ping An Insurance , TCL , Tencent , TP-Link , ZTE , Legend Holdings , Dalian Wanda Group , China Poly Group , Beijing Enterprises , and Fosun International . Fosun

2150-490: The revenue generated Judge Wayne essentially built Gotham City by hiring Cyrus Pinkney. Judge Wayne's son and heir, Alan Wayne, officially made it a corporate company in the 19th century. Alan Wayne, who was Bruce Wayne's great-great-grandfather, erected Wayne Shipping, Wayne Chemical, and Wayne Manufacturing. All these companies were energized by the world's Industrial Revolution ; more branches were created and diversified while others dwindled and subsequently dissolved. Along

2200-406: The transaction was " accretive to earnings." The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers. In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat

2250-425: The well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings ), Sino Group , (both Asian-owned companies specialize business such as real estate and hospitality with

2300-613: The whole process with a new target. In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth. In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500. In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $ 250 million. All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were

2350-507: The world. Following the end of the Joker War, Wayne Enterprises officially shut down Batman Inc. as a result of Bruce Wayne's choice to publicly fund Batman. Lucius Fox officially regained control of the Wayne fortune but warned Bruce that even if he did return his wealth to him, he would no longer be able to use the companies to fund his crusade as Batman as the board of directors would be monitoring

2400-537: The years, it has developed from a merchant house to a large multinational conglomerate company in the DC Universe; exceeding LexCorp , Stagg Enterprises , and Ferris Aircraft . Under the control of Patrick and Laura Wayne, Wayne Enterprises became a " green company " and environmentally conscious from that time forward. When Bruce Wayne returned from the past, after a final battle with Darkseid, he revealed that he had been publicly funding Batman for years and founded Batman Inc. to publicly fund Batman's allies throughout

2450-462: Was formed in 1981 from the merger of Fletcher Holdings , Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction. In Pakistan , some of

2500-487: Was on its way out. The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place —and their descent put "the lie to the claim that diversification allowed them to ride out a downturn." A major selloff of conglomerate shares ensued. To keep going, many conglomerates were forced to shed

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