Mobil take-over bid to proceed
NZPA-Reuter Washington Mobil Corporation will be allowed to proceed with steps to acquire Superior Oil Corporation for SUSS.7 billion after the United States Federal Government declined to challenge the merger. Mobil’s take-over of Superior, which is based in Houston, is the fifth largest corporate merger in United States history and the third major oil company merger in three months.
Mobil and Superior were delayed from merging during a legal waiting period because the Federal Trade Commission (FTC) studied the proposal for possible
anti-competitive effects. The waiting period expired on Tuesday and the FTC took no action to stop the Mobil-Superior merger. In February, the agency provisionally approved the merger of Texaco Inc., with Getty Oil Company for $lO.l billion. Last month, it approved the Gulf Corporation acquisition by Standard Oil of California for $13.4 billion in the largest corporate merger ever. Mobil has already made a tender offer for common shares of Superior for $45 a share in cash and debentures.
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Press, 19 May 1984, Page 20
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166Mobil take-over bid to proceed Press, 19 May 1984, Page 20
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