Word: conoco
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...Conoco-Cities Service deal, however, collapsed the very next day. Seagram suddenly proposed to buy about 41% of Conoco for $73 a share. Before the offer, Conoco shares were going for $62. Unable to match Seagram's bid to Conoco shareholders, Cities Service promptly dropped out of the competition...
...said Bailey. The merger talks moved swiftly, in part because Bailey, 57, the burly son of an Indiana coal miner, and Jefferson, 59, a London-born intellectual with a Ph.D. in chemistry, knew each other well. They had worked together on joint gas-exploration ventures that Du Pont and Conoco had begun three years ago in Texas. Jefferson flew to Stamford four times in the next eight days. All along, he assured Bailey that Conoco's management would not be changed...
Suddenly, in the midst of discussions between Du Pont and Conoco, another competitor appeared. Texaco made an offer for Conoco that was roughly comparable to Du Font's bid. But Bailey preferred to stick with Du Pont. He feared that even the Reagan Administration would balk at a merger between the two huge oil companies: a Texaco-Conoco combination would be larger than any U.S. energy firm except Exxon...
...Pont, the planned acquisition of Conoco is a daring departure. The 179-year-old firm, which started as a gunpowder business on the banks of Delaware's Brandy wine Creek, now sells everything from synthetic fibers and insecticides to cookware coatings and auto paints. But for the company that invented nylon and Teflon, growth has come mainly from in-house research and innovation rather than conglomerate building. The addition of Conoco would more than double Du Pont's size, and some Wall Street analysts fear that the new colossus would lose some technological drive. Says John Henry...
...Pont will have to borrow $3 billion to finance the purchase, which would more than double its debt load, and some observers think that Conoco might be too much to digest. Du Pont has a reputation for being a tightly run company that frequently shifts managers between product lines to give them broader experience. Asserts Thorn Brown, an analyst with the investment firm of Butcher & Singer: "There's no easy way to integrate Conoco into the Du Pont operation...