Word: conoco
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...Pont springs a surprise $7 billion offer for resource-rich Conoco...
While most Americans were enjoying fun and fireworks on the Fourth of July weekend, teams of executives from Conoco Inc. and Du Pont and Co. had forsaken friends and family to work almost round the clock on the biggest merger in U.S. corporate history. Du Pont, the largest U.S. producer of chemicals, had secretly offered to buy Conoco, the ninth biggest American oil company. After five hectic days of staff work, the deal seemed set. On Sunday night of the July Fourth weekend, Du Pont Chairman Edward Jefferson flew from his headquarters in Wilmington, Del., aboard a King Air twin...
That marriage, however, is not totally certain. The deal still has to be accepted by stockholders of both Du Pont and Conoco. For two months a flock of suitors had fought over Conoco in a bidding battle as frenzied as an auction for a newly discovered Rembrandt. The other most serious contenders: cash-laden Seagram Co. of Canada, the world's largest liquor distiller, and Texaco, the third biggest U.S. oil firm...
...fend off any further takeover efforts, Conoco searched frantically for a merger partner. On rumor alone, the stock prices of Diamond Shamrock, Newmont Mining and Cities Service all leaped as investors speculated that Conoco was preparing to institute merger proceedings with them...
...fact, quiet talks were actually going on only with Tulsa-based Cities Service, whose president, Charles Waidelich, had rushed from Oklahoma to a hotel suite at New York's Waldorf-Astoria for private meetings with Conoco's Bailey. Cities Service was seeking a merger for a reason surprisingly similar to Conoco's: to avert an attempted takeover of its Canadian oil and gas properties by another Canadian company, Nu-West Group Ltd., an Alberta real estate and energy exploration firm. Though less than half Conoco's size, Cities Service holds exploration rights to 10 million acres...