Share this story
Close X
Switch to Desktop Site

Conoco directors, favoring Du Pont, fend off Mobil

Conoco Inc.'s directors, warning that a takeover by Mobil Oil Corporation could set off a "major restructuring" of the US petroleum industry, say Conoco will go to court to block the record $7.74 billion bid.

The board voted to accept a $7.5 billion offer from the Du Pont Company, the US's largest chemicalmaker, urging stockholders to reject Mobil's bid and a $3.8 billion offer from Joseph E. Seagram & Sons, a su bsidiary of the Canadian liquor firm.

About these ads