Word: petroleum
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...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...
...overhead further, Nevin sold the Firestone Plastics Co. to Occidental Petroleum for $200 million, omitted two dividends to shareholders, peddled two luxury corporate jets and put the Firestone Country Club up for sale. Says Nevin: "After cutting 24,000 jobs, we had no business running a country club for a thousand employees...
Exxon's action last week was made much easier by the current world glut of oil. The major petroleum companies are now well stocked with crude because consumption has been falling. Rather than causing a shortage of petroleum, the loss of Libyan production will just mean a little less for Exxon to put into storage tanks...
When the long-awaited assault came, Marathon Oil was well prepared to man the battlements. Within hours after the Mobil Corp. announced its $5.1 billion bid to buy the 17th largest U.S. petroleum company, members of Marathon's big-time defense team were flying to its small-town headquarters in Findlay, Ohio (pop. 38,000). Marathon was putting into action the now classic defense in a takeover battle...
...another company. Such a step would make the merger target bigger and thus tougher to take over. Just before the Mobil bid, Marathon announced a tentative deal to purchase the U.S. subsidiary of Husky Oil Ltd., Canada's 14th largest petroleum company...