Word: mergers
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...finally last week to $115 and $120 per share, Mobil's proposal was conditional on its obtaining 51% of Conoco's shares. Mobil also had a severe handicap because it was never able to shake the fear that the Justice Department would block the merger of two oil companies on antitrust grounds...
...probably not meant the end of the bidding war for oil companies. Those oil firms remain very attractive takeover candidates because of their rich natural-resources reserves. Moreover, more than half a dozen corporations have some $34 billion in bank credit lines that can be used for a proposed merger. The same day last week that Du Pont claimed victory, all ten of the most active stocks on the American Stock Exchange were oil and gas firms. Some of the possible acquisition targets for the major energy companies: Pennzoil, Mesa Petroleum, Superior Oil, Marathon Oil, Amerada Hess and Murphy...
...great unknown remaining after the fight for Conoco is the Justice Department's attitude toward a merger between two oil companies. Two weeks ago, Antitrust Chief William Baxter gave the green light to a Du Pont-Conoco deal. Yet, despite heavy pressure from Mobil, he did not express an opinion on a Mobil-Conoco merger. In fact, he appeared to be indicating that he might block it, when he said: "If they think we're generally soft on mergers, they're going to be in for a big surprise." If Mobil, Texaco or another member...
...Salomon-Phibro merger...
Even in the Year of the Merger, last week's announcement shocked the close-knit world of Wall Street. Salomon Bros., the world's largest trader in government securities and corporate bonds, was combining with Phibro, the world's largest commodity trader. The $550 million marriage will create a new international financial juggernaut. Said George Ball, president of E.F. Hutton: "There had been inklings of some internal dissatisfaction and potential losses for Salomon Bros., but nothing that had been a harbinger of a move to sell out to another firm...