Word: conoco
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...Edward Kennedy and Howard Metzenbaum. Says Metzenbaum: "If Mr. Reagan wants to eliminate the antitrust laws, he ought to come up here with legislation, not skulk around accomplishing the same thing through inaction." Republican Senator Strom Thurmond promised last week that his Judiciary Committee would hold hearings on the Conoco question...
...many Washington antitrust experts, including some within the Justice Department, predict that the Government will ultimately approve a merger between Conoco and one of its suitors-even Mobil or Texaco. They point out that contrary to conventional wisdom, the oil industry is highly competitive. Under present antitrust guidelines, the Government considers an industry to be exceedingly concentrated if four or fewer firms control 75% of the market. In the oil business, the top four companies account for less than 20% of sales. By contrast, four auto firms control 70% of the market, while four steel companies have 44% of that...
...acquisition of Conoco by even one of the biggest oil companies would not drastically alter the industry's balance of power. In the case of retail gasoline sales, for example, neither a Texaco-Conoco nor a Mobil-Conoco combine would hold more than 7.4% of the market. Observes one Administration antitrust lawyer: "It wouldn't be like Ford and General Motors merging...
...matter who eventually wins the battle for Conoco, the whirl of mergers in the oil industry is likely to continue. The losers of the current campaign will still be left with billions in cash or bank credit to buy up other companies, and natural-resource firms will probably be the first targets. The struggle for petropower has barely begun...
...biggest name in merger making at the moment is Morgan Stanley, which is representing Conoco. It will earn a record fee of nearly $15 million on the eventual agreement, no matter which company is successful. Morgan Stanley's merger team is led by Robert Greenhill, 45, a dapper dresser who wears wide suspenders dotted, appropriately enough, with large dollar signs...