U.S. oil giants merge
NZPA-Reuter White Plains,
New York
Texaco, Inc. says it has reached a formal merger agreement with the Getty Oil Company and that Texaco now holds contracts and options to buy 56.6 per cent of the authorised Getty common shares.
The Texaco chairman, Mr John McKinley, said yesterday Texaco had reached an agreement with Mr Gordon Getty, trustee of the Sarah Getty Trust, to buy the Trust’s 31.8 million shares.
Mr McKinley also said Texaco would make a tender offer to purchase an additional 35 per cent of the total 79.1 million outstanding shares at a cash price of SUSI2S a share.
The deal was made when lawyers for some Getty Trust beneficiaries accepted the Texaco offer, cancelling the injunction which had frozen the merger. A Los Angeles Superior Court Judge prevented Mr Gordon Getty from committing the trust to the deal
before today unless lawyers for the other Getty beneficiaries agreed to the merger. Texaco is ranked N 0.3 in the U.S. market and Getty Oil, 13th in the field.
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Press, 10 January 1984, Page 18
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174U.S. oil giants merge Press, 10 January 1984, Page 18
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