Word: mobiles
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Dates: during 1980-1989
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...also drop, from 30% to 15% in 1986. Small independent oil producers who get crude from low-yield "stripper wells" will be exempted altogether in 1983. Despite Democratic protests that the provision is a giveaway to big oil, it benefits wildcatters far more than giants such as Exxon and Mobil. Treasury Secretary Donald Regan is probably right when he argues that the exemptions will help produce "whatever crude we can in this country...
Baxter openly accepts some responsibility for the merger phenomenon. Said he last week: "The statements we've made at the Justice Department have allowed people to think about mergers that they really wouldn't have thought about in past Administrations." Mobil's bid for Conoco is a case in point. Such a merger between two of the top ten petroleum companies would never have been seriously considered during Jimmy Carter's term. Baxter insists that his trustbusters will not allow any acquisition that significantly reduces competition within the oil industry or any other. He also maintains...
...many Washington antitrust experts, including some within the Justice Department, predict that the Government will ultimately approve a merger between Conoco and one of its suitors-even Mobil or Texaco. They point out that contrary to conventional wisdom, the oil industry is highly competitive. Under present antitrust guidelines, the Government considers an industry to be exceedingly concentrated if four or fewer firms control 75% of the market. In the oil business, the top four companies account for less than 20% of sales. By contrast, four auto firms control 70% of the market, while four steel companies have 44% of that...
...acquisition of Conoco by even one of the biggest oil companies would not drastically alter the industry's balance of power. In the case of retail gasoline sales, for example, neither a Texaco-Conoco nor a Mobil-Conoco combine would hold more than 7.4% of the market. Observes one Administration antitrust lawyer: "It wouldn't be like Ford and General Motors merging...
...Mobil, another Conoco suitor, has hired the merger team of Merrill Lynch White Weld, which is headed by Carl Ferenbach, 39. Du Pont has retained the services of First Boston Corp., whose merger mentors, Joseph Perella, 39, and Bruce Wasserstein, 33, last March masterminded Fluor's $2.7 billion purchase of St. Joe Minerals. Their fee for that deal: $3.5 million. If Du Pont wins Conoco's hand, First Boston could pocket as much as $15 million. But even if some other firm walks off the winner, First Boston will still claim a $750,000 loser...