Word: socal
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...petroleum company and one of the ten biggest corporations. After seven hours the winner was announced: Standard Oil of California, best known for its Chevron gas stations, whose cash bid of $80 a share, or $13.2 billion, became the most ever paid for one American corporation by another. Said Socal Chairman George Keller, 60, after it was over: "It's more than I would have liked to have spent, but I was in a poker game and couldn't see the other players...
...this direct and dramatic way was concluded the biggest corporate takeover in U.S. history. Its elements of cold calculation, high risk and individual daring made the move seem entirely characteristic of the oil industry, which has always rewarded the nervy gambler. Socal now stands to become the third-largest American oil company; its combined revenues of $57.3 billion would place it behind only Exxon (1983 revenues: $94.6 billion) and Mobil (1983 revenues: $58.5 billion), A completed deal would also make Socal the largest U.S. gasoline retailer, with 10.2% of the market and stations in every state but Wisconsin and North...
...Socal immediately said that it would sell many of Gulfs refineries and service stations after it acquired them to keep antitrust considerations from stopping the merger. Still, nervous investors were worried that the deal might fall apart or be stopped by the Government; Gulf shares dropped instead of rising toward the $80 takeover price. The stock closed the week...
...Gulf-Socal merger goes through, it will be the climax of a run of takeovers that has been reshaping the oil industry. In the past 32 months five large oil firms (Gulf, Getty Oil, Conoco, Marathon Oil and Cities Service) have been swallowed up. Last week's news set off renewed speculation about which energy companies would be acquired next. Among the most frequently mentioned targets: Superior Oil, Kerr-McGee and Amerada Hess...
...Gulf acquisition by another major oil company would present some antitrust problems, but legal experts do not believe that the Reagan Administration would object. If either Arco or Socal buys Gulf, however, the Government might insist on the sale of some refineries and gas stations to preserve competition...