Word: mergers
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Dates: during 1980-1989
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While most Americans were enjoying fun and fireworks on the Fourth of July weekend, teams of executives from Conoco Inc. and Du Pont and Co. had forsaken friends and family to work almost round the clock on the biggest merger in U.S. corporate history. Du Pont, the largest U.S. producer of chemicals, had secretly offered to buy Conoco, the ninth biggest American oil company. After five hectic days of staff work, the deal seemed set. On Sunday night of the July Fourth weekend, Du Pont Chairman Edward Jefferson flew from his headquarters in Wilmington, Del., aboard a King Air twin...
...fend off any further takeover efforts, Conoco searched frantically for a merger partner. On rumor alone, the stock prices of Diamond Shamrock, Newmont Mining and Cities Service all leaped as investors speculated that Conoco was preparing to institute merger proceedings with them...
...fact, quiet talks were actually going on only with Tulsa-based Cities Service, whose president, Charles Waidelich, had rushed from Oklahoma to a hotel suite at New York's Waldorf-Astoria for private meetings with Conoco's Bailey. Cities Service was seeking a merger for a reason surprisingly similar to Conoco's: to avert an attempted takeover of its Canadian oil and gas properties by another Canadian company, Nu-West Group Ltd., an Alberta real estate and energy exploration firm. Though less than half Conoco's size, Cities Service holds exploration rights to 10 million acres...
...sung. News today may be little more than bookkeeping, closer to ledger accounting than anything else. But even now we respond, almost intuitively, to heroes. Maybe with a little mistrust, to be sure, but still intuitively. Even Fortune magazine profiles petroleum executives in terms of bloody business combatants: vicious merger bids being the modern equivalent of a head on a lance...
...general interest rates fluctuate, will help the S and Ls match their mortgages to deposits. But such loans are not likely to constitute more than 25% of all thrift portfolios before the middle of the decade. Some S and Ls will not last that long and will feed the merger trend that has begun. But the survivors will be in a better position than ever to be the country's major mortgage lenders, tending once again to their heartland business of supplying Americans with the means to buy places to live. For now, though, S and Ls can hope...