Word: mergerism
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ExxonMobil's reigning chief, Lee Raymond, 65, has extended his stay on the job ostensibly to handle fallout from the 1999 merger that created the $230 billion behemoth. But in recent months the Irving, Texas, company has been giving Tillerson and fellow senior V.P. Ed Galante, the man responsible for refining and marketing, more face time with Wall Street. Oppenheimer & Co. analyst Fadel Gheit suggests Tillerson may prevail: "The company's future is predicated on success in oil and gas exploration and production...
...popularity has skyrocketed to 82% since the October arrest of oil baron Mikhail Khodorkovsky - the Russian public loves it when a billionaire gets his comeuppance. They are delighted too by the assault on Khodorkovsky's company, Yukos - last week Sibneft, another major Russian oil firm, announced that its merger with Yukos was on hold. So why is Putin anxious? Because the Yukos affair has destroyed the balance of power between the associates of former President Boris Yeltsin - known as the Family - and the siloviki, the law- enforcement and security officials who are close to Putin. The Khodorkovsky crackdown split...
...action, a cynical response to the company's critics?" A lot of people - inside and outside business - are wondering the same thing. Welcome to Big Oil's latest innovation: the ethics road show. Total, one of the world's top five oil companies - formed by Total's 1999 merger with Belgium's Petrofina and then with French rival Elf Aquitaine - is bringing this traveling philosophy seminar to its subsidiaries in 35 countries across the world, from Angola to Belgium. (It will make a stop in the U.S. next year.) The goal is to drive home to managers everywhere that Total...
...floral print planned for next year might see to that. Think Twice Before Merging Five years after Daimler-Benz and Chrysler merged, the transatlantic deal is still under fire from investors. A U.S. court will this week begin hearing charges that the marriage was wrongly billed as a "merger of equals." U.S. billionaire Kirk Kerkorian - Chrysler's biggest shareholder prior to the $36 billion tie-up - is suing DaimlerChrysler for fraud, claiming the deal was not a merger but a takeover, with the German firm running Chrysler. There's more to it than semantics: slating the deal as a merger...
...party saying: "I would not find it too hard to make myself love life in Britain." Who could blame him for wanting to try? Last week, Russian authorities announced a tax probe into Sibneft. Then a Moscow court agreed to hear a suit against the Yukos-Sibneft merger. The Duma passed new rules to grant the state free rein to raise oil export duties and to strike tax amnesty from the criminal code. Finally, Finance Minister Alexei Kudrin pushed through a new bill to revoke regional tax breaks as of the New Year. Even though auditors later concluded that Sibneft...