Word: antitrusters
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...Justice Department ends its antitrust cases with...
Some Wall Streeters speculate that in addition to seeking new American supplies of crude, Mobil is trying to find the limits of the Reagan Administration's antitrust policy. Says Philip Dodge, an oil analyst for Donaldson, Lufkin & Jenrette: "Mobil is really testing how far it can go in bidding for another oil company. In going after Conoco last summer, it never became clear whether there would be any antitrust objections...
Mobil's bet-a-billion tactics, though, are disturbing many executives in the oil industry. Says one competitor: "If Mobil continues to be this aggressive, there may be new antitrust legislation. It would be better if they started to back off." Responds President Tavoulareas: "You're bound to be criticized as lead dog. Other oil companies just don't have the guts...
...biggest setback of all came at the hands of the Federal Trade Commission, which has become generally more promerger since the beginning of the Reagan Administration. The FTC sued Mobil for violation of antitrust laws in order to block the takeover bid. The FTC has left a loophole, though, that would allow Mobil to go ahead if it gives up some of Marathon's gas stations and its distribution network. But the agency still refused to consider Mobil's offer to sell off part of Marathon's holding to Amerada Hess Corp., another oil company...
...natural gas producers involved in the deal-Exxon, Standard Oil of Ohio and Atlantic Richfield-will be allowed to share ownership in the pipeline with the Alaskan Northwest Natural Gas Transportation Co., the ten-company consortium that plans to build it. A1977 presidential decision barred such an agreement on antitrust grounds, but the backers argued that the change was needed to pay for the project...