Word: socal
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Such bonanzas are making 1984 the best year ever for dealmaking. In addition to Socal and Gulf, mergermen have put Texaco and Getty Oil together in a $10.1 billion corporate marriage and arranged a $5.7 billion combine of Mobil and Superior Oil. During the first three months of 1984, company mergers valued at a total of $34 billion took place. Should they continue at this rate, the old annual record of $82.6 billion set in 1981 will easily be broken...
...head of Salomon Brothers' merger department, spent six months working twelve hours a day nearly seven days a week to help Gulf Oil fend off a hostile takeover by a group of investors led by T. Boone Pickens' Mesa Petroleum. The payoff came when Gulf merged with Socal. "Don't get me wrong," says Higgins. "I'm not complaining. But you never know when a deal is going to be done, and it's almost impossible to plan a weekend or a dinner...
...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...
...launched a counterattack. At a congressional hearing last week, oil company executives denounced the measure. Said Gulf Chairman James E. Lee: "The moratorium would be devastating for Gulf. It would put us in limbo." Added Socal's Keller: "It would be a case of trying to solve a nonproblem with a sledgehammer." Mobil's Tavoulareas sent telegrams to all 535 members of Congress urging that Mobil's purchase of Superior Oil not be stopped...