Striking the Richest Deal

Gulf and Standard Oil of California agree to a monumental merger

For a time last week Pittsburgh looked like the gambling capital of the world. A trio of high rollers, each backed by $6 billion or more, flew into the city. Under the rules of the game they were playing, each had to assemble his best hand by 9 o'clock Monday morning, then make one bet without seeing the chips of the others. The jackpot: Gulf Oil, the fifth-largest U.S. petroleum company and one of the ten biggest corporations. After seven hours the winner was...

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