Word: seagrams
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...celebrate Du Pont's victory in the greatest takeover struggle in American corporate history. Only 160 miles to the north, in Stamford, Conn., Conoco executives met in Chairman Ralph Bailey's office for their own celebration. One vice president walked up to the bar and jocularly ordered, "Seagram's on the rocks...
Thus ended five weeks of financial maneuvering, courtroom battles, noisy public name-calling and political infighting, all aimed at acquiring the nation's ninth largest oil company. Du Pont had won Conoco by outbidding Seagram, the world's biggest liquor distiller, and Mobil Oil, the second largest American petroleum firm. "There's never been a merger contest like it," said Joseph Perella, a member of the team of investment bankers from First Boston that advised Du Pont on its winning strategy...
...highest, analysts still believe that Du Pont has the best chance because of the antitrust uncertainty surrounding the oil firm's offer. Says Garo Armen, of the E.F. Hutton investment firm: "Du Pont has the edge even though Mobil's offer is higher. Seagram is out of the running on price...
...Seagram's chances also received a blow last week when Conoco announced that it had received a warning letter from the Arab state of Dubai, where the firm pumps nearly a fourth of its oil supply. The letter said that Conoco's production in Dubai would be in "grave jeopardy" if the company were acquired by Seagram. Dubai's displeasure was seemingly caused by Bronfman's position as president of the World Jewish Congress...
...Seagram has retained two investment banking firms, Lazard Freres and Shearson Loeb Rhoades, in its effort to snare Conoco. Rohatyn and his Lazard Freres staff of only a dozen handled $10 billion worth of mergers last year. Shearson's group is led by Managing Director Mark Millard, 72, who in 1963 advised Seagram Chairman Edgar Bronfman to buy Texas Pacific Oil Co. for $326 million. Seagram last year sold Texas Pacific to the Sun Oil Co. for $2.3 billion; that money is now providing the bulk of funds used in the bidding for Conoco...