ChevronTexaco is considering a hostile takeover bid of either Phillips Petroleum or Conoco Inc. to disrupt a proposed $17.1 billion merger.
According to published reports, the company's board of directors this week discussed the possibility, but took no action.
Phillips and Conoco agreed in November to a $17.1 billion merger, which shareholders are expected to vote on in March.
Also this week, ChevronTexaco released its first quarterly earnings statement since Chevron and Texaco merged. The company reported a preliminary net loss of $2.52 billion for fourth quarter 2001, compared with fourth quarter 2000 net income of $2.04 billion. Excluding net charges for special and merger-related items, fourth quarter 2001 operating earnings were $498 million, compared with $2.29 billion in the 2000 quarter.
Company officials, however, report that the merger is going well, and the company plans to save $1.8 billion from "operating synergies."
ChevronTexaco is the world's No. 4 energy company, but it is still much smaller than ExxonMobil, BP and Royal Dutch/Shell. An acquisition of Phillips or Conoco would increase ChevronTexaco's oil and gas reserves and help it to cut costs, according to the Wall Street Journal.
According to published reports, the company's board of directors this week discussed the possibility, but took no action.
Phillips and Conoco agreed in November to a $17.1 billion merger, which shareholders are expected to vote on in March.
Also this week, ChevronTexaco released its first quarterly earnings statement since Chevron and Texaco merged. The company reported a preliminary net loss of $2.52 billion for fourth quarter 2001, compared with fourth quarter 2000 net income of $2.04 billion. Excluding net charges for special and merger-related items, fourth quarter 2001 operating earnings were $498 million, compared with $2.29 billion in the 2000 quarter.
Company officials, however, report that the merger is going well, and the company plans to save $1.8 billion from "operating synergies."
ChevronTexaco is the world's No. 4 energy company, but it is still much smaller than ExxonMobil, BP and Royal Dutch/Shell. An acquisition of Phillips or Conoco would increase ChevronTexaco's oil and gas reserves and help it to cut costs, according to the Wall Street Journal.
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