Conoco gets takeover fever
Flush with cash after having rung up one-third of all U.S. corporate profits last year, the nation's oil companies have been gobbling up companies on Wall Street like rich kids turned loose in a candy store. In March, Standard Oil of California made the largest takeover bid on record: $3.9 billion for 80% of the stock of Amax Inc., a diversified mining concern. A few weeks later, Standard Oil Co. of Ohio swallowed Kennecott Corp., the nation's largest copper producer, by offering stockholders a total of $1.9 billion...
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