Word: conoco
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Rather than wait for Mobil's move, Du Pont launched a pre-emptive strike. Chairman Jefferson called Conoco's Bailey with a sweetened offer: $7.6 billion, or $86.19 per Conoco share. At the same time, Du Pont went back to its banks to boost its line of credit from $3 billion to $4 billion in case it needed more money to capture Conoco...
...Conoco shareholders will determine whose offer wins. Though Mobil's bid is now the highest, analysts still believe that Du Pont has the best chance because of the antitrust uncertainty surrounding the oil firm's offer. Says Garo Armen, of the E.F. Hutton investment firm: "Du Pont has the edge even though Mobil's offer is higher. Seagram is out of the running on price...
Seagram's chances also received a blow last week when Conoco announced that it had received a warning letter from the Arab state of Dubai, where the firm pumps nearly a fourth of its oil supply. The letter said that Conoco's production in Dubai would be in "grave jeopardy" if the company were acquired by Seagram. Dubai's displeasure was seemingly caused by Bronfman's position as president of the World Jewish Congress...
...bidding for Conoco continues to rise because of the company's huge treasure chest of natural resources. Conoco has oil drilling rigs from the Gulf of Mexico to the South China Sea, coal mines from West Virginia to Alberta, natural gas wells from Texas to the North Sea and uranium deposits from New Mexico to Niger. Since the first oil price explosion in 1973, the value of Conoco's assets has soared from $2.6 billion to $14 billion. The firm's oil and gas holdings alone have a value of $2.3 billion on Conoco's books...
...Conoco is not the only resource-rich firm that is ripe for acquisition. High interest rates have depressed the price of stocks, including the shares in many energy and mineral companies. Speculators suffering from what Wall Streeters call the Conoco syndrome are now swarming to buy shares of corporations they think will be the next takeover targets. Their favorites seem to be medium-size oil companies. In the past two weeks, the price of Cities Service stock has surged by 12%, Marathon Oil shares by 19% and Kerr-McGeeby...