Word: sinclairs
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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...
MICHAEL C. SINCLAIR, M.D. Miami...
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...