Business Notes Acquisitions

Many Americans mistakenly believe that the Arm & Hammer line of baking soda, detergents and deodorizers is owned by Industrialist Armand Hammer, 88. Irked by the common confusion, the high-profile chairman of Occidental Petroleum reportedly tried a few years ago to buy the label from its owner, Church & Dwight of Princeton, N.J. But now Hammer is at least a minority Arm & Hammer proprietor, after Occidental gained a slice of ownership in Church & Dwight by a new joint venture. Under the scheme, Church & Dwight received a 50% share in a potassium-carbonate plant owned by Occidental in Muscle Shoals, Ala. In exchange, Hammer's company acquired 5% of Church & Dwight's common stock, worth about $13.3 million, plus $5.3 million in cash and a seat on the Princeton company's board.