Word: mergers
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Dates: during 1980-1989
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Gulf and Standard Oil of California agree to a monumental merger...
Socal immediately said that it would sell many of Gulfs refineries and service stations after it acquired them to keep antitrust considerations from stopping the merger. Still, nervous investors were worried that the deal might fall apart or be stopped by the Government; Gulf shares dropped instead of rising toward the $80 takeover price. The stock closed the week...
...threat of Government antitrust action did end one proposed merger last week. U.S. Steel called off plans to link its steel operations with those of National Steel because of probable opposition from the Justice Department...
...Gulf-Socal merger goes through, it will be the climax of a run of takeovers that has been reshaping the oil industry. In the past 32 months five large oil firms (Gulf, Getty Oil, Conoco, Marathon Oil and Cities Service) have been swallowed up. Last week's news set off renewed speculation about which energy companies would be acquired next. Among the most frequently mentioned targets: Superior Oil, Kerr-McGee and Amerada Hess...
Stunned industry leaders appeared at a loss as to what to do next. Said LTV Spokesman Julian Scheer: "We had no contingency plans. We expected to get approval." McGrath held out a slim hope that the Justice Department might approve moves short of merger, such as swapping plants or joint raw material purchases. But that is a long way from the corporate marriage that LTV and Republic wanted...