Marathon to acquire oil concern in Canada
Article Abstract:
USX-Marathon Group announced that it is set to purchase Tarragon Oil and Gas Ltd., a Canadian exploration and production firm based in Calgary, Alberta, for $1.1 billion, in its bid to expand into one of the most productive natural gas fields in North America. Tarragon reported about $170 million in revenues in 1997, while Marathon had revenues of $15.75 billion. Marathon's offer, which awaits regulatory and shareholder approvals, include assumption of $340 million in debt. USX Chairman Thomas J. Usher said the inclusion of Tarragon, which produces around 210 million cu ft of natural gas and the equivalent of 21,000 barrels of oil every day, will be essential for its growth plans.
Comment:
Is set to purchase Tarragon Oil and Gas Ltd., a Canadian exploration & production for $1.1 bil
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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Offer for J&L may fall short
Article Abstract:
Usinor's offer to buy 18 million shares of J&L Specialty Steel stock it does not own for $103.7 million falls below the company's actual book value today. Investors appear to be in doubt as to whether J&L shareholders will accept the offer. J&L's share price went up upon the French steelmaker's announcement that it plans to buy the remaining 47% of J&L it does not own, but J&L's shares were still trading at an 11% drop to Usinor's bid. Analysts said one obstacle is that J&L, being a Pennsylvania corporation, is subject to the state's strict anti takeover law, which states that 80% of J&L shareholders must approve Usinor's offer.
Comment:
Its offer to buy 18 mil shares of J&L Specialty Steel stock it does not own for $103.7 mil falls below the co's actual bookvalue
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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J&L board again changes course on merger offer
Article Abstract:
J and L Specialty Steel (J&L) has placed on hold an agreement to sell the steelmaker under a $6.25-per-share cash buyout to Usinor of France, a steelmaker that controls a majority 53.3 % of J&L shares. J&L again changed its course on the offer after its independent directors told of withdrawing their recommendation because of new information provide by the French suitor. Unisor, which sold a minority interest in J&L for $15 per share in a 1993 stock offering, made the bid to purchase the remaining 18 million shares of J&L stock it did not control.
Comment:
Sees agreement to acquire J and L Specialty Steel under a $6.25-per-share cash buyout be put on hold
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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