Russ Wi
les, The Republic | azcentral.com
The proposed $8.7 billion purchase of PetSmart continues a lengthy pattern of successful companies based in Arizona getting gobbled up by out-of-state buyers.
In most cases, acquirers have kept an important local presence in Arizona, even though the state invariably winds up losing a corporate headquarters, often leaving the state with fewer high-paying jobs, less corporate involvement in the local community and diminished visibility in business circles.
Freeport-McMoRan’s $25.9 billion purchase of Phelps Dodge was a notable exception, with the acquirer moving into Phelps Dodge’s former downtown-Phoenix headquarters and staying active in Arizona.
