Word: socal
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...Arco and Socal, including such non-oil giants as General Electric and Allied. (Another rumored bidder: the government of Kuwait.) The firms were shown the confidential data only after pledging not to make an unfriendly takeover bid for at least three years. According to some Pittsburgh insiders, Gulfs board could meet at any time to discuss possible bids. The asking price could be as high as $80 a share, or $13.2 billion. The firm considered most likely to make that offer was Arco, on whose behalf Chase Manhattan bank was assembling a $12 billion line of credit from as many...
There may still be some fierce boardroom battles ahead, however. Some of the brides are a little reluctant. Last week directors of St. Joe Minerals-rejected Seagram's $45 a share bid, calling it "grossly inadequate." Amax has also been cool to Socal's takeover offer, apparently in an effort to drive up the initial offer of as high as $86 a share...
...URANIUM CORPORATIONS COMPANY VALUE Atlantic Ritchfield-ARCO-Anacona $17,465,122 Duke Power 3,323,592 Continental Oil 6,538,679 Kerr McGee 1,645,230 Phillips Petroleum 8,996,703 Exxon 35,442,488 Gulf Oil 7,126,660 Mobil 18,360,622 Shell Oil 1,234,631 SOCAL 20,912,364 Virginia Electric...
...unregulated markets outside the U.S., Aramco's proud parents have been able to sell their gasoline, heating oil and other products for high prices even though these fuels were made from the lowest-cost cartel crude. Largely as a result, third-quarter profits of Exxon, Mobil, Texaco and Socal jumped by anywhere from 73% to 211%. The revenue surge enraged the Saudis; Oil Minister Ahmed Zaki Yamani argues that Aramco's parents have been grossly profiteering from Saudi "generosity," suggesting that last week's Saudi price rise of $6 per bbl. was in part at least...
...restrain OPEC from driving up prices has depended on whether the Saudis can convincingly threaten to boost production enough to create periodic petroleum gluts. Yet high Aramco officers are among the few people who know the real size of Saudi Arabia's production capacity. Last spring Exxon and Socal divulged to the Justice Department, in its ongoing anti-trust investigation of the oil industry, that Aramco had little spare capacity. That statement helped to undercut Saudi influence over cartel price policy. On the eve of the Caracas gathering last week, Saudi officials proclaimed that the country could boost output...