Word: mobiles
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Dates: during 1970-1979
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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...
...must be put up for sale, however, because the James Irvine Foundation owns the controlling interest. Under federal tax law, the foundation cannot control an enterprise that aims at making a profit-and Irvine Co. not only tries to turn a profit but clears a rather tidy one. Mobil Oil Corp. offered $200 million in May, setting off a frantic bidding war. Since then, counteroffers have come from Cadillac Fairview, a Canadian land developer, and SMBH & Z, a Detroit investment firm. Mobil has made a second bid, and the price has been pushed up toward $300 million. Last week...
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...
...allows U. S. corporations to import Rhodesian chrome, in violation of U.N. sanctions. Even after he publicized his opposition to the Amendment last summer, the Ford Administration did very little to actually get it repealed. Nor has Kissinger done anything to press for prosecution of U. S. businesses like Mobil Oil that have broken the boycott illegally...