Oil bid
Mesa Petroleum has agreed to end a take-over bid for Phillips Petroleum Company after Phillips adopted a recapitalisation plan. Under the plan. America’s twelfth largest oil company will remain independent and will be one-third owned by its employees. The plan calls for the Phillips underwriters, Morgan Stanley and First Boston, to buy the 9M shares of Phillips held by Mesa at about SUSS3 a share and then re-sell them on the open market, the sources said.
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Bibliographic details
Press, 3 January 1985, Page 14
Word Count
78Oil bid Press, 3 January 1985, Page 14
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