Sohio follows the pack by bidding for Kennecott
When Thomas D. Barrow, 56, resigned as a senior vice president of Exxon in 1978 to become chairman of Kennecott Corp., the nation's largest copper company (1980 sales: $2.3 billion), he probably figured that his days in the oil business were over. But suddenly last week Barrow found himself back with another oil company. Standard Oil of Ohio made a successful bid to buy Kennecott for $1.8 billion in cash.
The deal is a bonanza for shareholders of Kennecott. Before the agreement was announced, the company's stock was trading for about $27 a share; Sohio...
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