Word: exxon
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...trying to convince us that it had the cleanest paper, Great White, that made your copier run smoother. In the end, few consumers were willing to pay more for a particular brand of either common commodity--gasoline or plain white paper. Now both companies are succumbing to longtime rivals, Exxon and International Paper, in deals that were unthinkable just a short time ago. Suddenly, neither Mobil nor Union Camp could be assured of making money for shareholders any other way, so they just gave up and sold...
...winners from the demise of Mobil and Union Camp will be the remaining players--assuming the deals are approved by shareholders and regulators. The only way to get pricing under control is to take out capacity. Exxon's takeover of Mobil could lead to somewhat higher gas prices, as a price-cutting competitor gets vanquished. And International Paper's stock looks that much better, knowing it won't have to compete with Union Camp. Both companies can strip sales, marketing and technology spending out of the budgets of their prey. It is remarkable how much duplication and overlap can exist...
...better of it. Unless management at other laggards in paper and gasoline felt similarly inclined to boost shareholder value, I might be stuck in underachieving stocks for some time to come, as the pricing pressures seem only to be increasing. In the end, the victors will get the spoils: Exxon and International Paper will buy themselves several years of outperformance. In general, though, investors should look for companies that sell products and services with unique qualities, rather than commodities like fuel and paper...
...Percentage of the domestic market that Exxon and Mobil would control after their proposed merger, creating the largest oil company in the world...
...worth approaching $25 billion, he left behind a broad and important legacy in American business as well as a corporate monument. Wal-Mart stores is the No. 4 company in the FORTUNE 500, with annual sales of close to $120 billion, ranking behind only General Motors, Ford and Exxon...