Word: marathoning
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...despite those troubles, U.S. Steel last week announced that it was offering about $6.4 billion in cash and notes to acquire Marathon Oil, the 17th biggest American petroleum company. The deal ranks just behind last summer's successful $7.3 billion bid by Du Pont, the chemical giant, to buy Conoco, the ninth biggest American oil firm. Critics immediately began charging that U.S. Steel should be using the money for its own development. Lionel Olmer, Under Secretary of Commerce for International Trade, said that the agreement "calls into question the seriousness of the steel industry's efforts to modernize...
...such legal action will give Marathon more time to find a white knight with a superior offer. The goal, after all, is to secure the best deal possible before admitting defeat...
...another company. Such a step would make the merger target bigger and thus tougher to take over. Just before the Mobil bid, Marathon announced a tentative deal to purchase the U.S. subsidiary of Husky Oil Ltd., Canada's 14th largest petroleum company...
While considering these moves, Marathon will continue to press its case in the courts and before the Federal Trade Commission. Either of them might thwart the Mobil takeover on antitrust grounds...
Washington legal experts, though, consider that outcome unlikely. They point out that a Mobil-Marathon combination would still control barely 10% of U.S. gasoline sales in a highly competitive market...