Word: conoco
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Dates: during 1980-1989
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...into the battle early between U.S. Steel and Mobil for control of Marathon Oil. U.S. Steel last week seemed assured of victory in its takeover bid, estimated to cost $6.15 billion, the second largest corporate coupling in U.S. history. (The largest merger was the $7.5 billion merger of Conoco and Du Pont in 1981.) Workers began to prepare checks for the 17,000 selling Marathon shareholders just hours after Supreme Court Chief Justice Warren Burger gave a green light to U.S. Steel's offer of $125 a share for 51% of Marathon's stock. Two months...
...steel company to drop out of the bidding for Marathon or, alternatively, to get control of enough U.S. Steel stock so that the steel company would have to give up part of Marathon. Such aggressive tactics have worked before. Dome Petroleum of Canada last spring bought about 25% of Conoco as a means of compelling that company to relinquish interest in a Canadian oil property that Dome wanted...
Mobil entered the battles for Conoco and Marathon because it desperately wants to get additional domestic oil and gas sources to ease its dependence on supplies from Saudi Arabia and some potentially unstable countries. Even though Mobil spent $4.3 billion on domestic exploration and production between 1976 and 1980, its U.S. reserves declined by 6% in the past five years. Buying Marathon could increase Mobil's American oil supplies by 75%. For example, the Yates Field in West Texas, where Marathon owns a half-interest, now produces...
...been ham-handed in its efforts to buy another oil company. Some industry observers blame its failures on the insistence of Chairman Rawleigh Warner and President William Tavoulareas that they plan their own tactics without consulting outside advisers. Mobil lost out to Du Pont in the contest for Conoco by coming in with a low bid. Its initial $5.1 billion offer for Marathon in October was also immediately denounced as "grossly inadequate" by the company's president, Harold Hoopman. Said a leading investment banker: "If Mobil had bid $126 a share from day one, instead of $85 a share...
...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...