Word: seagrams
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...totally certain. The deal still has to be accepted by stockholders of both Du Pont and Conoco. For two months a flock of suitors had fought over Conoco in a bidding battle as frenzied as an auction for a newly discovered Rembrandt. The other most serious contenders: cash-laden Seagram Co. of Canada, the world's largest liquor distiller, and Texaco, the third biggest U.S. oil firm...
Last week it was suddenly the other way around. The nation's ninth largest oil company, Conoco Inc. of Stamford, Conn. (1980 sales: $18.8 billion), became the reluctant target, rather than the proud suitor, in a corporate takeover raid. The predator was none other than Joseph E. Seagram & Sons, U.S. subsidiary of Canadian-based Seagram Co. Ltd., the world's largest liquor distiller, with 1980 global revenues of $2.5 billion...
...Seagram Chairman Edgar Bronfman, 52, has been shopping for an acquisition in the U.S. since late last year, after having received $2.3 billion from the sale of a Seagram subsidiary, the Texas Pacific Oil Co., to Sun Co. of Pennsylvania. Earlier this month, Bronfman proposed a "friendly" bid to Conoco's chairman, Ralph Bailey, 57. Bronfman offered to pay $70 per share for 28.6 million Conoco shares, about one-third of the outstanding stock, though the company's shares were trading at only about $53. At the time, Seagram also promised that it would not seek full management...
...lectures, case studies and improvised debate. At Stanford, where the curriculum ranges over the exotica of high finance, the class on power and politics in organizations devoted a session to the case of Mary Cunningham, the celebrated alumna of Harvard and Bendix who is now a vice president at Seagram. Perhaps because of former Dean Arjay Miller's long experience at Ford, Stanford tries particularly hard to blend the academic and the commercial. After learning that its students' writing ability was, as Business School Dean Rene McPherson said, "shockingly bad," it began to evaluate students' papers...
...team of Seagram executives, including Bronfman's brother Charles, the chairman of the firm's executive committee, is now screening the business offers the company receives. So far, only corporations in the steel, atomic energy, pulp and paper industries have been declared unsuitable matches. Bronfman suggests he might buy two or three smaller companies based in North America that have foreign operations. This time around, however, he is more likely to try for a friendly takeover than risk a pre-emptive bid of the St. Joe variety. Some Wall Street analysts believe Seagram would be wise...