Word: jefferson
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...weeks ago, Conoco revealed that Du Pont was its choice as a partner. After five days of frantic negotiations capped by a midnight meeting on July 5 between Conoco Chairman Ralph Bailey and Du Pont Chairman Edward Jefferson, the two companies agreed to merge. Jefferson offered $7.3 billion, or an average price of $84.20 per Conoco share. The deal seemed to save Conoco from an unwelcome takeover bid from Canada's Seagram, which had offered $73 per share for about 41% of the oil company's stock. Conoco had also spurned an $85-per-share bid from Texaco...
...Pont's top officers immediately huddled at their Wilmington, Del., headquarters to size up the new Seagram challenge. During a marathon session in the walnut-paneled executive committee room, Chairman Jefferson exhorted his troops: "Du Pont is a strong company, and we're going into this thing...
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...
Wall Street was also shocked because Jefferson had been chief executive of Du Pont for only two months, since the retirement as chairman of the highly respected Irving Shapiro. After the merger announcement, Jefferson admitted that he had been forced "to make a very quick assessment of whether it was worth throwing our hat into the ring." In fact, one of the first steps Jefferson took in assessing the merger was to call Shapiro for advice. Recalls Jefferson: "We thought about it and concluded that in a merger with Conoco we would be stronger than as Du Pont alone...
...Like all chemical makers, Du Pont has been badly hurt by the surge in oil prices since 1973. Now Du Pont will have its own private supply of crude. Last year Conoco produced 374,461 bbl. of oil per day worldwide, of which 36% came from U.S. wells. Moreover, Jefferson contends that Du Pont scientists will be able to help Conoco develop new techniques for boosting the yield from oil wells and converting coal into synthetic fuel. Conoco is the second largest U.S. producer of coal...