Word: conoco
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...Conoco gets takeover fever...
Last week it was suddenly the other way around. The nation's ninth largest oil company, Conoco Inc. of Stamford, Conn. (1980 sales: $18.8 billion), became the reluctant target, rather than the proud suitor, in a corporate takeover raid. The predator was none other than Joseph E. Seagram & Sons, U.S. subsidiary of Canadian-based Seagram Co. Ltd., the world's largest liquor distiller, with 1980 global revenues of $2.5 billion...
Seagram Chairman Edgar Bronfman, 52, has been shopping for an acquisition in the U.S. since late last year, after having received $2.3 billion from the sale of a Seagram subsidiary, the Texas Pacific Oil Co., to Sun Co. of Pennsylvania. Earlier this month, Bronfman proposed a "friendly" bid to Conoco's chairman, Ralph Bailey, 57. Bronfman offered to pay $70 per share for 28.6 million Conoco shares, about one-third of the outstanding stock, though the company's shares were trading at only about $53. At the time, Seagram also promised that it would not seek full management...
After weighing the offer for a mere two days, Conoco's directors rejected it. One reason: though generous in terms of the stock's market value on Wall Street, the offer amounted to only about half of the company's actual net worth. Among other assets, Conoco owns the U.S.'s No. 2 coal producer, Consolidation Coal Co. of Pittsburgh, Pa., and is a major North Sea oil producer...
...profits to a walloping $1.1 billion-its first billion-dollar quarter in history. Soon after, other U.S. energy corporations reported spectacular quarterly earnings. Among the majors, Texaco walked away with the dubious first prize of a 211% increase, while Standard Oil of Ohio was second at 191% and Conoco third...