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Article: Is Standard Oil preparing a bid for Tosco? (petroleum industry)
- Article from:
- The Oil Daily
- Article date:
- June 2, 1986
- Author:
CopyrightCOPYRIGHT 1986 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Is Standard Oil Preparing a Bid for Tosco?
EVER SINCE Standard Oil Co.'s new chairman, Robert Horton, expressed an interest during a meeting with New York analysts in acquiring some West Cost refining and marketing assets, rumors have circulated that Standard would most probably go after Tosco Corp.
Debt-saddled and ailing Tosco, which was able to turn a profit last year after several huge losses during the previous years, officially announced that it was for sale in its annual report March 31.
Investment banking firm Bear, Stearns and Co. was hired "to look at all feasible actions to improve the balance sheet and maximize value to creditors and ...