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...wrote on Pertamina stationery to scores of U.S. companies, asking them to buy stock in the venture. He made no threats, but took care to say that the companies were selected because they did business with Pertamina. Eventually he collected $1.1 million from 54 individuals and companies, including Mobil Oil, Union Oil, Cities Service and Atlantic Richfield...
Uncertain Future. Also, the amount of "free" oil is small. The Saudis sell only about 6.25% of their daily output on the open market. The bulk of their production is committed to four U.S. companies: Exxon, Texaco, Mobil and Chevron. They stand to benefit most from the two-tier system, but how much of the savings they will pass on to the U.S. consumer is unclear...
Meanwhile, company size rankings in the oil business could change. Four American companies−Exxon, Texaco. Mobil and Chevron−that import heavily from Saudi Arabia will be able to undersell such other producers as Shell, British Petroleum and Compagnie Française des Petroles, which rely more heavily on the higher-priced OPEC states. All in all. Yamani seems to have touched off a classic capitalist price war. That is scarcely what cartels are supposed to do. and OPEC least of all; its increases were once heralded as the start of a "new economic order." But that was before...
Sudden Speedup. Irvine's management is "the best in the business," says U.C.L.A. Professor Fred Case, a land-development expert. Mobil and Cadillac Fairview have added their praise. Still, Watson, a 50-year-old former San Francisco architect who joined Irvine as planning manager in 1960, admits that he feels "apprehensive" about the impending takeover. One danger is that a new owner may order a sudden speedup in Irvine's growth in order to increase its profits; that could expose the company to the same boom-and-bust cycle that bedevils other developers...
...soon by the eight directors of the Irvine Foundation and by 48-year-old Joan Irvine Smith, a granddaughter of the ranch's founder; she controls nearly half of the 45.5% of Irvine stock that is not held by the foundation. Although several board members are leaning toward Mobil's bid, Mrs. Smith favors SMBH & Z's latest offer because it would permit family members to buy back some Irvine Co. shares. Last summer she sued to block Mobil's initial $200 million bid for all Irvine shares on the grounds that they are worth much...