Word: oiling
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Dates: during 1950-1959
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...OIL Merger for Getty...
Wall Street buzzed with rumors last week that Billionaire Jean Paul Getty, 65, the richest American (TIME, March 4), would soon unite the three major oil companies that he controls. Together the $163.4 million Getty Oil Co., the $679.6 million Tidewater Oil Co., and the $339.1 million Skelly Oil Co. would rank as ninth richest among U.S. oil firms. On the rumors, Getty Oil stock (81% owned by J. Paul Getty himself) jumped 2⅝ points to 26⅛ as 71,300 shares were traded in only two days. But last week in Paris, Getty waved off the rumors: "Nonsense...
Despite the disclaimer, Getty was trying to do so, or at least trying to simplify his complicated empire. Getty Oil now owns only 14% Of Tidewater, but Getty himself controls 64½% of Tidewater through holdings in a maze of corporations, including Mission Development Co. (42% owned by Getty...
Next, Getty says that Getty Oil will offer to swap its own stock for the 58% of Mission Development ,that it does not now own. The expected offer: one. Getty Oil share for 1⅓ Mission Development. If all goes through as expected, Getty Oil Co. will wind up with direct majority control of Tidewater. This would eliminate even the outside possibility that Getty could ever lose control of Tidewater...
Getty denied that the proposed swaps were designed to open the way for a Getty Oil-Tidewater merger, or that he intended to combine these two with Skelly Oil. Getty argues that he already controls all three, so there is no need for merger. But oilmen were still skeptical. They said that Getty has long yearned to unite the three, but only in recent years has he become powerful enough in all of them...