Word: marathoning
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Dates: during 1980-1989
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Mobil tries some tough tactics in its battle to take over Marathon...
With stunning swiftness, the $6.5 billion battle between Mobil Corp. and U.S. Steel for control of Marathon Oil turned nasty last week. Mobil, still frustrated and angry over its defeat by Du Pont earlier this year in the struggle to take over Conoco, seemed on the brink of losing again. Then Mobil suddenly went on the offensive with a daring ploy. The oil company announced that it intended to buy up to 25% of its bidding rival, U.S. Steel. Said one banker involved in the dealing: "They have tried to put a gun on the head of U.S. Steel...
...then, there was Bob Hrabchak. The freshman from Watertown, N.Y., entered every event in Saturday's meet unofficially to win the year's "Iron Man" award. In completing the marathon, the yardling swam a total of 5850 yards, including six 500 freestyles to stay loose during the two diving breaks. "One of the hardest things about it," Hrabchack said yesterday, "was getting used to being beaten all the time...
...Steel action fitted into the company's broad diversification program of the past few years. The firm has invested more and more money in chemicals, manufacturing and engineering; and steelmaking now accounts for only 11% of total company operating income. U.S. Steel will pay for Marathon probably with the $3 billion in bank credit lines it has built up, and the $2.5 billion in cash on hand partly from the sale of coal and cement properties. U.S. Steel Chairman David M. Roderick insisted that the Marathon purchase would not "diminish U.S. Steel's commitment to steel operations...
...Marathon investors had reason to be pleased. The value of their stock, which had traded as low as $45 in the past year, shot up to $104, helped by a single day's rise of more than $27 after the deal was announced. Few observers, though, were totally convinced that Marathon's fate has been sealed. Mobil could raise its offer and touch off a bidding war, other oil companies might try to get Marathon, or the Government could rule out any merger on antitrust grounds. The Marathon drama may go on for several weeks...