Word: mobilizing
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Dates: during 1980-1989
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...antimerger sentiment began bubbling in Congress, the last thing the oil industry wanted was another takeover. But that is exactly what it got last week. Mobil (1983 revenues: $58.5 billion) announced that it would pay $5.7 billion for Superior Oil (revenues: $1.8 billion). It was Big Oil's third megadeal in as many months and came only six days after Standard Oil of California had bid $13.2 billion for Gulf in history's biggest takeover. Sighed Socal Chairman George Keller: "Some people who aren't concerned about two mergers will say that three is too many...
Unlike the public bidding that preceded the Gulf deal, the grab for Superior was made in great secrecy. Using pseudonyms, Mobil President William Tavoulareas traveled to Texas earlier this month to make final arrangements. The merger looks very good for Mobil, which will be paying just under $6 per bbl. for Superior's 1 billion bbl. of oil and liquid natural gas reserves, vs. average exploration costs...
...U.C.L.A. placement office by 5:30 or 6 a.m. to see if any fellow students have canceled. Says she: "I'm finding if I'm not one of the first five in the door, I'm not getting anything." She has interviewed with 23 companies, including Mobil and Procter & Gamble. Her score so far: two rejections and 13 invitations for second interviews...
...risk and individual daring made the move seem entirely characteristic of the oil industry, which has always rewarded the nervy gambler. Socal now stands to become the third-largest American oil company; its combined revenues of $57.3 billion would place it behind only Exxon (1983 revenues: $94.6 billion) and Mobil (1983 revenues: $58.5 billion), A completed deal would also make Socal the largest U.S. gasoline retailer, with 10.2% of the market and stations in every state but Wisconsin and North Dakota. Most important, Socal will have gained control of Gulfs 1.9 billion bbl. of worldwide proven oil reserves, including...
...charitable contributions the companies want to make don't address [these] real issues," Smith adds. "I think they [the Sullivan principles] are used in a manipulative way by corporations like Citibank, IBM, and Mobil to deflect the real criticisms about the way their presence in South Africa helps support apartheid...