Boston Business Leaders Rattled

If the business climate in Massachusetts was friendlier, and more eggs were in different baskets, would these takeovers be so threatening to the local economy?

Gov. Mitt Romney seemed to be taking the news hard today, but I think he has an opportunity to work it to his advantage by pushing for more pro-business policies in the Bay State.


(Boston Herald)

Another one bites the dust.
Gillette Co.'s plan to sell out to Cincinnati-based Procter & Gamble Co. sent shockwaves through Boston's business community last night, as yet another Bay State corporate icon prepared to cede control to an out-of-state owner.
``I'm blown away,'' said Michael Goodman, an economist at the University of Massachusetts' Donahue Institute. ``It's an end of an era.''
In the past year, Boston has lost corporate control of its largest bank, its largest insurer, and now its largest consumer products maker. Gillette's sale is sure to raise more fears about reduced contributions to civic and cultural institutions and a general drying up of corporate philanthropy in the Hub.


The Boston based Gillette Company's stock dropped nearly 12 percent in the first hour of trading Friday. (AP photo via Boston Herald)