Word: petroleum
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...ended five weeks of financial maneuvering, courtroom battles, noisy public name-calling and political infighting, all aimed at acquiring the nation's ninth largest oil company. Du Pont had won Conoco by outbidding Seagram, the world's biggest liquor distiller, and Mobil Oil, the second largest American petroleum firm. "There's never been a merger contest like it," said Joseph Perella, a member of the team of investment bankers from First Boston that advised Du Pont on its winning strategy...
...statements we've made at the Justice Department have allowed people to think about mergers that they really wouldn't have thought about in past Administrations." Mobil's bid for Conoco is a case in point. Such a merger between two of the top ten petroleum companies would never have been seriously considered during Jimmy Carter's term. Baxter insists that his trustbusters will not allow any acquisition that significantly reduces competition within the oil industry or any other. He also maintains that a Mobil-Conoco combination would be subjected to tough scrutiny in Washington...
...Africa; 90% of the cobalt vital to mining and machine tools is imported, mostly from Zaire. All are vulnerable to Soviet troublemaking or internal difficulties that could shut off supplies. The most serious threat is to the Persian Gulf oilfields, which supply 40% of the free world's imported petroleum. When the Soviet invasion of Afghanistan raised fears of a move by the U.S.S.R. toward the gulf, Carter announced plans to create a force that could quickly be dispatched to trouble spots halfway around the globe...
...billion bbl. of oil reserves, 3.8 trillion cu. ft. of natural gas and 14.3 billion tons of coal, whirled on last week at a billion-dollar pace. The opponents: Du Pont, the largest U.S. chemical producer; Seagram, the world's biggest liquor distiller; Mobil, the second largest American petroleum company; and Texaco, the third-ranking oil firm. As the price for Conoco whirled higher and higher, the contestants launched a global financial free-for-all and corralled almost $20 billion in standby credit at multinational banks from New York to Tokyo...
...Administration had forecast a 1981 full-year inflation rate of 11.1%, but that figure has now been scaled back to a barely single digit 9.9%, while the 1982 forecast has been shaved by slightly more than one percentage point, to 7%. The lower inflation reflects the softening demand for petroleum, but some economists are now warning that the worldwide oil miniglut may soon end, sending prices, and inflation, upward again...