Word: conoco
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Dates: during 1980-1989
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...Pont acquires Conoco after a historic takeover battle
...headquarters in Wilmington, Del. Chairman Edward Jefferson had gathered some 60 top advisers, secretaries, chauffeurs and the pilots of the company's jets to celebrate Du Pont's victory in the greatest takeover struggle in American corporate history. Only 160 miles to the north, in Stamford, Conn., Conoco executives met in Chairman Ralph Bailey's office for their own celebration. One vice president walked up to the bar and jocularly ordered, "Seagram's on the rocks...
...rather than build them or to acquire mines rather than dig their own. Firms with scarce natural resources are the most tempting takeover targets because the price of their assets in the ground has increased particularly fast. For example, since the first energy crisis in 1973, the value of Conoco's plentiful oil, coal, natural gas and uranium reserves has risen from $2.6 billion to $14 billion. Experts say that Conoco's shares are worth at least $45 more than any of the bidders are now offering...
Baxter openly accepts some responsibility for the merger phenomenon. Said he last week: "The statements we've made at the Justice Department have allowed people to think about mergers that they really wouldn't have thought about in past Administrations." Mobil's bid for Conoco is a case in point. Such a merger between two of the top ten petroleum companies would never have been seriously considered during Jimmy Carter's term. Baxter insists that his trustbusters will not allow any acquisition that significantly reduces competition within the oil industry or any other. He also maintains...
With all the fanfare complete, lacocca gave out the news: after 27 months and $3.1 billion of losses, Chrysler had made a profit of $12 million during the second quarter. Quipped lacocca: "With our second quarter profits, we too might make a tender offer for Conoco. What the hell, everybody else...