Word: steel
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Dates: during 1980-1989
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...Steel bids for an oil firm
...American steel industry has long been one of the periodic sick men of U.S. business, along with autos, housing and tires. Most steel plants are badly in need of modernization. Moreover, American firms are losing domestic markets to tough foreign competition. Only two weeks ago, U.S. Steel announced that it was going to court to block imports of low-priced foreign steel...
...despite those troubles, U.S. Steel last week announced that it was offering about $6.4 billion in cash and notes to acquire Marathon Oil, the 17th biggest American petroleum company. The deal ranks just behind last summer's successful $7.3 billion bid by Du Pont, the chemical giant, to buy Conoco, the ninth biggest American oil firm. Critics immediately began charging that U.S. Steel should be using the money for its own development. Lionel Olmer, Under Secretary of Commerce for International Trade, said that the agreement "calls into question the seriousness of the steel industry's efforts to modernize...
...Ohio-based Marathon, U.S. Steel's offer amounted to a giant Rolaids tablet spelling relief. For the past three weeks, Marathon has been resisting a takeover bid by Mobil Corp., feeling that Mobil was offering far less for Marathon's shares than they were worth. The firm has run full-page newspaper ads in protest and hauled Mobil into court to block the takeover move. Mobil had bid $85 a share for 40 million shares, 67% of the total, and proposed some other trimmings as well, pushing its offer to $5.1 billion. But that was nowhere near...
...Remembrance, Steel...