Share this story
Close X
Switch to Desktop Site

[ No headline ]

United States Steel's bid to take over Marathon Oil Company has been temporarily blocked by a US District Court until Dec. 4. The ruling came after Mobil Corporation attorneys challenged the legality of an agreement granting US Steel an exclusive option to purchase Marathon's interest in a Texas oil field if Marathon were taken over by a third party. The restraining order prohibits the transfer. Mobil, which had offered $85 per share for Marathon stock, also charged the US Steel agreement and its $125-a-share offer violated federal and state laws.

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.