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...Du Pont springs a surprise $7 billion offer for resource-rich Conoco...
While most Americans were enjoying fun and fireworks on the Fourth of July weekend, teams of executives from Conoco Inc. and Du Pont and Co. had forsaken friends and family to work almost round the clock on the biggest merger in U.S. corporate history. Du Pont, the largest U.S. producer of chemicals, had secretly offered to buy Conoco, the ninth biggest American oil company. After five hectic days of staff work, the deal seemed set. On Sunday night of the July Fourth weekend, Du Pont Chairman Edward Jefferson flew from his headquarters in Wilmington, Del., aboard a King Air twin...
That marriage, however, is not totally certain. The deal still has to be accepted by stockholders of both Du Pont and Conoco. For two months a flock of suitors had fought over Conoco in a bidding battle as frenzied as an auction for a newly discovered Rembrandt. The other most serious contenders: cash-laden Seagram Co. of Canada, the world's largest liquor distiller, and Texaco, the third biggest U.S. oil firm...
...Conoco-Du Pont agreement was the climax of a complex drama of high finance. It began with unwelcome assaults on Conoco by two Canadian companies. The first came in May, when Dome Petroleum bought 20% of Conoco's stock. The U.S. company fended off that threat by agreeing to trade its majority interest in the Hudson's Bay Oil and Gas Co. in return for the Conoco stock that Dome had acquired. At the same time, however, a more ominous Canadian challenger appeared. In late May, Seagram privately approached Conoco with an offer...
...June 24, the day before the Conoco-Cities Service merger was to be announced, the phone rang in Bailey's office. The caller: Du Font's Jefferson. His question: "Is there any constructive role we can play?" Bailey thanked Jefferson for his concern about the Seagram bid, but replied that he was already negotiating with another company...