Mobil makes $3.4 billion bid for Marathon Oil
Mobil Oil launches an $85 per share offer for up to 50 percent of Marathon Oil, aiming to gain control of the Findlay Ohio company. Analysts predict potential bidding war possibly exceeding $120 a share if others enter. Marathon trades halt pending the bid and officials from Marathon, Husky Oil, and antitrust observers comment on the implications and risks.
MENTIONED IN THIS ARTICLE
Mobil
Conoco Inc
U.S
Marathon
New York Stock Exchange
Findlay
Ohio
Rawleigh Warner Jr
Justice Department
Sanford Margoshes
Bache Halsey Stuart Shields Inc
Margoshes
Canada
Husky Oil Corp
Conoco
DuPont Co
Ford recalls 7500 buses and cowl chassis for braking check
Ford announces a recall of 7,500 1980 and 1981 B and F series cowl chassis buses and trucks for inspection of possible brake line movement that could impair braking. GM considers cutting paid personal holidays to push concessions in wage talks. Toyota plans a US passenger car plant with site search in southeastern coast region.
MENTIONED IN THIS ARTICLE
Detroit
UPI
Ford Motor Co
Ford
Tokyo
Toyota Motor Co
United States
Northern Airlines to Begin Flights Next Week
Northern Airlines of Minneapolis says service will start next week after planning to begin September 27. The commuter carrier will serve several cities including Sioux City from its Sioux Falls base.
MENTIONED IN THIS ARTICLE
Sioux Falls, S.D
Northern Airlines
Sioux City
Ford hourly workers approve concessions at Livonia plant
In Livonia Michigan United Auto Workers Local 182 voted 1 878 to 181 in favor of contract concessions to align Ford Motor Co transmission plant work rules with foreign suppliers. The move aims to cut production costs and protect jobs.
MENTIONED IN THIS ARTICLE
Livonia, Mich
Court ends injunction against AGO takeover
The injunction on AGO Holding N.V. of The Netherlands dissolves after AGO meets conditions, lifting the bar on purchases until after Nov. 12. Life Investors of Cedar Rapids awaits possible white knight bids while AGO prepares its revised tender and proration date set for Nov. 12, with a new 1:13 a.m. Nov. 13 start for potential purchases.
MENTIONED IN THIS ARTICLE
Life Investors of
Cedar Rapids
AGO Holding N.V
Netherlands
AGO
Life
New York
Life Investors
MidAmerica
Lincoln
Neb
Dollar Slides as Rate Cut Prospects Spur Forex Rally
The dollar fell against major currencies amid expectations of lower U.S. interest rates. The British pound jumped after Saudi Arabia said it would cut oil output by about 700,000 barrels per day, lifting sterling to around 1.86 in London and 1.8795 in New York. Gold prices were mixed with Zurich at 427.50, London 428, and New York 428 an ounce, while silver declined to 9.16. USD/JPY dropped to 233.35 in Tokyo and 232.40 in New York. the Canadian dollar rose to 83.29 U.S. cents.
MENTIONED IN THIS ARTICLE
New York
New York Commodity Exchange
London
Saudi Arabia
Frankfurt
Paris
Brussels
Milan
Tokyo
U.S
Easier Credit Hopes Spark Stock Market Rally
New York stocks rise after economist Henry Kaufman predicts Federal Reserve will ease credit to combat recession and lower interest rates. Marathon Oil surge and Mobil bid discussed as major trading drivers amid broader gains in Dow, NYSE, and NASDAQ helped by rate moves and oil stock strength.
MENTIONED IN THIS ARTICLE
NEW York
UPI
Henry Kaufman
Federal Reserve
Mobil
Marathon Oil
OPEC
Dow Jones
Dow
Kaufman
Fed
NYSE
Continental Illinois
Southwest Bank of St. Louis
Standard & Poor
No change in savings bond interest rate announced
The Treasury Department said the 1 percent semiannual increases will pause to let Congress consider a new type of bond. The current Series EE bonds pay 9 percent annual interest at maturity in about 7 years and 10 months, remaining through April. Savings bonds are held by about 23 million households.
MENTIONED IN THIS ARTICLE
Washington
UPI
Treasury Department
Department
Congress
Treasury
Also Mentioned on This Page
Mobil Oil Co
Friday
Marathon Oil Co
Warner
Wall Street
SEDCO
Bass
Sedco Ince
Texas
William Clements
Clements
B. Gill Clements
Perry R. Bass
Bass Enterprises
Fort Worth
Mobile
Edwin Rothschild
Energy Action Education Foundation
Consumer Group
Toyota
Seventh Ave
Marion
Trucks
General Motors Corp
Chrysler
United Press International
Zurich
Seichow and Righter Co
Scrabble
Judd
United Feature Syndicate, Inc
Husky Oil
Mobil Corp
Cities Service
Gulf Oil
Texaco
Citicorp
IBM
General Motors
DuPont
Data General
American Stock Exchange
Dome Petroleum
Houston Oil Trust
International Banknote
National Association of Securities Dealers
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