y^wT-»L*-' r.-~“;-»v»^«» 24 - THE HERALD, Fri., Nov. 20, 1981 U.S. Steel blocks Mobil takeover efforts Foes don't believe Uccello... page 3 FIN D LA Y, Ohio (U P I) - U.S. corporate history, ranking only boards of directors had unanimously In Cleveland, meanwhile. offered to buy 51 percent of headquarters in Findlay.” Steel Corp.'s $6.63 billion offer for behind the recently completed approved the U.S. Steel offer, Marathon attorneys said they would Marathon’s outstanding stock for The announcement disclosed that Marathon Oil Co. has apparently Conoco-Dupont m erger a ^ price of residents began praising their press “ right to the end” a federal $125 per share — $40 higher than the a U.S. Steel subsidiary, which was thwarted a takeover bid by Mobil Oil about $7.5 bilirdh. ” ■ benefactor like a long-lost brother, court antitrust suit against the Mobil offer. not named, would initially acquire a Corp., delighting townspeople who M arathon, the nation’s 17th A big display board with flasning i “ This acquisition would achieve Mobil Corp.’s $5,1 billion takeover 51 percent interest in Marathon for hoisted a banner saying, "E a t Your largest oil company, has been lights was immediately set up out­ bid, despite the U.S. Steel offer. the m ajor diversification that U.S. $125 a share or $3.75 billion. Showers, snow > Manchester, Conn. Heart Out Mobil,” headquartered in the northwest Ohio side city hall saying, “ Welcome U.S. Only Mobil’s withdrawal of the Steel has been seeking,'' said U.S. ‘Tm relieved and overjoyed,” . city of Findlay for the past 94 years Steel.” offer would prompt Marathon to Steel Chairman David Roderick. A merger is ultimately con­ through tonight Sat., Nov. 21, 1981 Mayor Bentley Burr said of the joint and employs 2,400 of the 35,000 Signs were tacked up on windows drop its suit, company attorney Marathon FYesident Harold Hoop- templated, with U.S. Steel paying Marathon-U.S. Steel announcement residents. of Marathon's headquarters on Main Patrick McCartan said Thursday at man said, “ The interests of our for the remaining 49 percent of — See page 2 25 Cents Thursday and the prospect that Townspeople were worried that Street saying, "E a t Your Heart Out a hearing on the firm ’s bid for a employees, customers and com­ Marathon by 12-year, 12.5 percent Marathon would remain in Findlay. Marathon would be just a memory if Mobil” and "M obil Found Out How preliminary injunction against the munities where we operate will be senior notes at $100 a share, which The acquisition and eventual Mobil Oil Corp. succeeded in its We Feel, So Now W e’re Going With takeover. safeguarded because of the commit­ would raise the total price to about merger, which now faces the ap­ takeover bid. U.S. Steel.” Mobil began presenting its case as ment of U.S. Steel to maintain our $6.65 billion. The merged company proval of Marathon stockholders, When executives of Marathon and On Wall Street, Marathon stock word rippled through the packed operations intact under the direction would be the 12th largest in thFor- would be the second largest in U.S. U.S. Steel announced that their soared $27 to close at $104. courtroom that U.S. Steel had of Marathon’s management with tune 500. Exxon comes up dry Black - 1 Government in first drilling bid CHANNEL. to head BOSTON (U P I) — After spending $15 Legal Foundation. goes broke S a l e E n d s million on a dry hole, Exxon USA says it Georges Bank, a 6.4-millioii-acre area willj move its exploratory drilling rig of the North Atlantic off the Sunday, Nov. 22nd enter 2 about 20 miles and sjnk a new well in Massachusetts coast, is one the world’s I f I . Baker then told reporters the Ad- search of oil or natural gas in the rich' richest fishing grounds and suppdrts a $1 Georges Bank fishing grounds. billion-a-year fishing industry in New onutoown iV News of the dry well came Thursday, England. jBy Nancy Thompson I Baker had first said the com- as officials from the Deparfment of the Exxon and the Shell Oil Co. have been fSoMo mittee would meet lur "most of the Herald Reporter Interior opened hearings in ^ s to n on the drilling since July in an area of Georges f j I night.” But after both houses proposed sale of offshore drilling rights Bank about 175 miles off Cape Cod put up A black woman, who has worked * recessed, he said the panel would in an another area of the fishing grounds for bid in December 1979. The area now as the director of a Hartford senior • -J probably not work into the wee off Cape Cod. being proposed for development is near­ center and as a counselor in a senior 1 5 hours of Saturday morning. "Once Jack McDonnell, a spokesman for the ly twice the size and 20 miles to the employment program, wiJtbe the you get passed the point of a missing Floreham Park, N.J., firm, said the southeast. new director of Manchester^^nior the midnight deadline, there’s is no company was disappointed that its first Exxon was the first oil company to Citizen Cfenter. WASHINGTON (UPI) - Presi- sense keeping them in two nights in attempt did not pan out. He said drilling start drilling after a six-year legal battle at the new site would begin within a with environmentalists and fishermen, Town officials announced Friday dent Reagan Friday night ordered « u fh u eovernment agencies to start shut- approval by both houses was week. , who contended operations would disrupt that Jeanette Cave will begin work government agencies to start shut- ^ compromise bill The company’s prepared statement, the fish and pose a potential damage to Dec. 7 as the new director. The ting down non-essential operations released in Houston, put the cost of the ecology. salary range for the position is $18,- tec'ntX bro\^ a";"a"H recess'meant the drilling the well at a depth of 14,118 feet Shell officials have yet to divulge the 545 to $22,254. Lriate paLl worked to fashion a gov^^^nt would be technically at $15 million. findings of their rig, the Zd^jata “ Mrs. Cave has an outstanding ' ■ ,1 .u without operating money at 12:01 The statement said Exxon had Saratoga. I r background in this area and has im­ S T " ® a.m. EST Saturday. "completed evaluation of its first well in Exxon’s original plan called for pressed all of us in her concern for The conference-committee met Current appropriations for most the Georges Bank area of the North drilling three wells, McDonnell said. If 1 9 9 the seniors,” Town Manager Robert .K I, .U 1 . Loimiuuee mei government agencies and programs through the late mght hours in a ^ B P Atlantic and that the well is a dry hole.” no oil is struck, he said the company 159’’ B. Weiss and Director of Human Rni. 7«.«V Reg. 199.99 crammed room m the Capitol on a • ^ Testing ’’failed to establish the would re-evaluate the situation Services Hanna Marcus said in a existence of hydrocarbons," the com­ compromise stopgap funding bill to have anv real effect un­ Exxon leased an approximately nine- SAV117.00 FUTURA joint press release. \ pany said. square-mile area from the federal J i R s u u t i n o COMBO provide operating funds for the ^ S V y mo^ning^if C on gre^ Ms. Cave is a graduate of the City Back on land, Massachusetts Coastal government for five years at a minimum COM BO DOOR J AUIMINUM govern m en t when current ap- still not resolved the matter by then, Zone Management Director Richard F. White cfossbuck STORM DOOR College of New York and is working propnatiops expired at m^night. cost of $52 million. • storm ctoof in sizes . Delaney told federal officials their plan 31 /. and 357. Choose a white on a m aster’s degree in public ad­ The U.S. Geologicai Survey has es­ STURDY AKaxS/t” brown finished i r x i 6 " There was was no way final con- because it is not lean enough for « 79 /. Of 1 9 9 ministration from the University of to sell leases in a deepwater area of timated that if the new proposed sale PARTIClf BOARD DEUIXi CAViUiR doof 36 *80 size. SPACE SAVER gressional approval, could come m bim, inon-essential ” government D-22 Georges Bank threatens to disrupt its un-, area proves to be productive, it may con­ Slutdv & econom ical t*Q.**.n....79.99 VANITY ENSEMBLE Hartford. 4'xVx'/,- Reg. S9.99 Assembled cabioet tJ T n ir a llv T n o ^ h iT e ''^ mirini'irht functions are likely to wind down, ique lobster habitats. tain as much as 6 billion barrels of oil HAROIOABO..........3.99 w ith white or English Ms. Cave was formerly director of technically going broke at midnight, Management and Delaney and other witnesses urged and 13 trillion cubic feet of gas. SUPER Ook Formica* front the Blue Hills Senior Center in Hart- however, because both the House d j , i, 4'xi'x'ft' Gold/white cultured representatives of the Department of the SPECIAL PfOROAftO . ..4.99 and Senate, which would have to Budget spokesman said unless the ■ Gov. Edward J. King has asked that D-10 m ofblo top irx:l Fou- .