The oil industry might seem to be in little need of diversification, given its dramatic rise in profits. Even so, the international oil companies, facing the certainty of takeovers of their overseas wells by many foreign governments, have been seeking to hedge their bets. Gulf Oil, for example, in the last year has tried unsuccessfully to buy the CNA insurance business and even the Ringling Bros.-Barnum & Bailey circus. Last week Mobil Oil went it one better by announcing plans to make a tender offer for 51% of the stock of Marcor...
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