Word: socal
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Dates: during 1980-1989
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...billion) announced that it would pay $5.7 billion for Superior Oil (revenues: $1.8 billion). It was Big Oil's third megadeal in as many months and came only six days after Standard Oil of California had bid $13.2 billion for Gulf in history's biggest takeover. Sighed Socal Chairman George Keller: "Some people who aren't concerned about two mergers will say that three is too many...
...proudly calls himself "a friend of oil," and Ohio's Howard Metzenbaum, a persistent industry critic, united behind a bill to impose a six-month moratorium on acquisitions by the 50 largest oil companies. Because the measure would be retroactive, it could put on hold both the Socal-Gulf and Mobil-Superior deals...
...While his huge budget deficit is the most obvious culprit in tightening up the loan market, $12 billion and $13 billion loans to oil companies to engage in utterly unproductive takeovers further restrict available credit with nothing to show afterward except inflated (or bruised) corporate egos and wealthy lawyers. (Socal's bankers and attorneys walked off with $60 million when the dust settled...
...addition, when the Texaco-Getty and Socal-Gulf deals go through--Reagan's Justice Department is unlikely to require more than that they unload some of their departments to make the companies seem less, huge--fully 57 percent of the nation's oil reserves will be controlled by just eight companies, and their hold on refining and distributing will be strengthened...
...would, indeed, be very surprising if Reagan's Justice Department requires more than token adjustments in the new $50 billion Socal-gulf company. Reagan can claim no significant anti-trust prosecutions during his tenure--despite the mergers that have resulted in 30,000-mile railroad giants like Norfolk Southern and Southern Pacific-Santa Fe, and the recent rumblings in the steel industry where U.S. Steel, Republic Steel and LTV Corporation, three of the five biggest steel companies in the country, are planning mergers and acquisitions...