Word: richfield
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Drake's adventure involved a week of swift, secret transatlantic negotiations with the "Lions" and "Tigers"-code names for Atlantic Richfield and Sinclair. If everything works out, British Petroleum will buy an Atlantic Richfield refinery in Texas, a Sinclair refinery in Pennsylvania, and a string of 5,600 Sinclair gas stations in eleven Eastern states and the District of Columbia. The deal hangs on Justice Department approval of a pending merger of Sinclair and Atlantic Richfield, which now may well pick up speed. One Justice hang-up has been that the merger would lessen competition in the East, where...
...Western promptly showed that its policy can change along with the prize. Last week the company was involved in a struggle to acquire Sinclair Oil, which vowed to "vigorously oppose" the move and made its point even clearer by agreeing to merge instead with one of its competitors, Atlantic Richfield...
Production Binge. Gulf & Western's bid came in the form of a tender offer involving securities that it valued at more than $1.4 billion. Sinclair President O. P. (for Orlando Pendleton) Thomas' counterproposal of a get-together with Atlantic Richfield called for an exchange of stock worth slightly more than the Gulf & Western package. The extra money was not Thomas' main motive. In a letter to shareholders, his company questioned Gulf & Western...
Sinclair had other reasons to opt for Atlantic Richfield. Although it boasts a solid refinery and marketing operation, Sinclair suffers from limited production capacity and must buy large amounts of crude oil at a premium from outside sources. Fast-growing Atlantic Richfield (1967 sales: $1.56 billion) has meanwhile been on a production binge, and its recent oil find on the North Slope of Alaska promises to be one of the largest in U.S. history. A merger that would enable Atlantic Richfield to move its oil through Sinclair refineries would obviously benefit both companies...
Final Decisions. Gulf & Western remained unimpressed by the merits of the Atlantic Richfield deal. Instead of giving up the fight, it called a special meeting of its directors, who decided to go ahead with the tender offer for Sinclair stock. It was only fitting, argued one Gulf & Western official, that Sinclair shareholders should make "the final decision" about their company's merger possibilities...