DuPont may be seeking sale of Conoco
Article Abstract:
The Dupont Company may be seeking to sell off its Conoco Inc. oil subsidiary. Dupont bought Conoco in 1981 to insure a steady supply of oil as feed stock for its chemicals business in an era of high inflation and rising oil prices. Owning an oil company is no longer attractive for Dupont with exploration of offshore fields requiring huge capital investments and oil selling at a fraction of the inflation adjusted price of 1981. Dupont announced in May, 1998 that it planned to sell twenty percent of Conoco to the public. French oil company Elf Aquitaine may want to make a tax-free exchange of assests deal for Conoco.
Comment:
Elf Aquitaine may want to make a tax-free exchange of assests deal for Conoco
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Owens Corning settling most of its asbestos cases
Article Abstract:
The country's biggest building insulation maker, Owens Corning, announced it will settle about 90 percent of the asbestos cases it has pending. The average settlement will be $4, 600 after attorney fees are paid. Cases settled number 176,000 for a total of $1.2 billion. The company's CEO, Glen Hiner, attributes the turnaround from denial to settlement is due to hiring a new general counsel. The company sold Kaylo, the pipe insulation product that caused asbestosis, from 1958 to 1972. About 3,000 claims were filed against the company every month.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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DuPont approves a stock issue for Conoco
Article Abstract:
The board of directors of the DuPont Company has given its approval to a plan to sell as much as a 20% share of Conoco in an initial public offering (IPO). Conoco is the ninth-largest oil company in the US. DuPont will offer its remaining shares in Conoco tax-free to company shareholders, according to the terms of the deal. By the end of 1998, the sale of about 10% to 20% of Conoco is expected to take place.
Comment:
Plans to sell as much as a 20% share of Conoco in an initial public offering
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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