Conoco Inc.

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In the summer of 1981, a four-way bidding war erruptd over the control of Conoco Inc., the world's ninth largest oil company. In the spring, Conoco stockholders had responded favorably to an offer from Dome Petroleum Limited for its Canadian subsidiary, leading large investors to conclude that the company was ripe for a hostile takeover.

Edward Jefferson, the new CEO of DuPont, wanted to acquire Conoco as a source of feedstocks to protect the company from oil shocks of the sort that had occured in the 1970s. The Bronfmans of The Seagram Company, Ltd., the multinational distiller, also bid for Conoco and learned that DuPont was the leading suitor. Conoco received another tender from the Mobil Corporation.

Conoco management favored DuPont and was suspicious of Seagram, fearing it would simply resell or dismantle the company. In the meantime, all of the contenders continued to buy Conoco shares in an attempt to influence the selection. DuPont and Conoco closed the deal on September 30, 1981. Conoco became a DuPont subsidiary at a cost of $7.8 billion in the largest U.S. business deal up to that time. Control of Conoco also included its subsidiary Consolidation Coal Company, one of the two largest U.S. producers of bituminous coal, and DuPont switched several of its plants from oil to coal.

However, the exchange of shares resulted in Seagram obtaining 24.5 percent of DuPont's common stock and three seats on DuPont's board of directors.

Furthermore, oil prices fell in the 1980s in response to greater conservation and efficiency, and DuPont moved away from oil-dependent products. In 1998, oil prices dropped sharply causing DuPont's stock value to fall from 84 to 53. DuPont sold 30 percent of Conoco in a public offering in October 1998 and sold the remaining 70 percent back to Conoco in 1998 and 1999.

From the description of Acquisition papers, 1981-1983, (Hagley Museum & Library). WorldCat record id: 122393749

Archival Resources
Role Title Holding Repository
referencedIn Sam and Bess Woolford Papers MS 36., 1834-1979, (1930-1975) The University of Texas at San Antonio Libraries . Special Collections
referencedIn Seidenberg, Jacob. Jacob Seidenberg. Additional Arbitration case files 1961-1983. Cornell University Library
referencedIn Bates Worldwide, Inc. Records, 1934-2003 and undated David M. Rubenstein Rare Book & Manuscript Library
referencedIn Jefferson, Edward Graham, 1921-2006. Edward Graham Jefferson papers, 1962-1992 (bulk, 1979-1987) Hagley Museum & Library
referencedIn E.I. du Pont de Nemours & Company. Organization charts, 1915-1992. Hagley Museum & Library
referencedIn E.I. du Pont de Nemours & Company. Public Affairs Dept. Records, 1912-1981. Hagley Museum & Library
referencedIn E.I. du Pont de Nemours & Company. DuPont Finance. Records, 1917-1991 (bulk, 1950-1991). Hagley Museum & Library
referencedIn Anderson, James W. Papers, 1969-1992. Duke University Libraries, Duke University Library; Perkins Library
creatorOf Conoco Inc. Exploring America with Conoco and Carveth Wells radio broadcast transcripts 1922-1932 (bulk 1932). Boulder Public Library
referencedIn DuPont External Affairs. Records, 1979-1989. Hagley Museum & Library
referencedIn Directors of Industrial Research (U.S.). Records, 1929-1982. Hagley Museum & Library
referencedIn Garrett Orr Papers, bulk, circa 1873-1994, 1890s-1914, 1935-1965 David M. Rubenstein Rare Book & Manuscript Library
referencedIn Seagram Company, Ltd. Executive records, 1936-1987. Hagley Museum & Library
referencedIn Seidenberg, Jacob. Arbitration case files, 1961-1983. Kheel Center for Labor-Management Documentation and Archives
referencedIn E.I. du Pont de Nemours & Company. Executive Committee. Records, 1903-1991 (bulk 1950-1982). Hagley Museum & Library
creatorOf Colorado. Division of Commerce and Development. Travel Marketing Section. Colorado events calendars 1959, 1978. Boulder Public Library
referencedIn Montana. Dept. of Environmental Quality. Permitting & Compliance Division. Montana Industrial and Energy Minerals Bureau records, 1968-2005. Montana Historical Society Library
creatorOf Conoco Inc. Acquisition papers, 1981-1983, Hagley Museum & Library
referencedIn Continental Oil Company. Conoco history research materials, 1884-1975. Univerisity of Wyoming. American Heritage Center.
Role Title Holding Repository
Relation Name
associatedWith Anderson, James W. person
associatedWith Bates Worldwide, Inc. corporateBody
associatedWith Boyd, Mary P. person
associatedWith Colorado. Division of Commerce and Development. Travel Marketing Section. corporateBody
associatedWith Continental Oil Company. corporateBody
associatedWith Directors of Industrial Research (U.S.) corporateBody
associatedWith Dome Energy Limited. corporateBody
associatedWith Dome Petroleum Limited. corporateBody
associatedWith DuPont External Affairs. corporateBody
associatedWith E.I. du Pont de Nemours & Company. corporateBody
associatedWith E.I. du Pont de Nemours & Company. DuPont Finance. corporateBody
associatedWith E.I. du Pont de Nemours & Company. Executive Committee. corporateBody
associatedWith E.I. du Pont de Nemours & Company. Public Affairs Dept. corporateBody
associatedWith Jefferson, Edward G. (Edward Graham), 1921- person
associatedWith JES Holdings, Inc. corporateBody
associatedWith Joseph E. Seagram & Son, Inc. corporateBody
associatedWith Mobil Corporation. corporateBody
associatedWith Montana. Dept. of Environmental Quality. Permitting & Compliance Division. corporateBody
associatedWith Orr, Garrett person
associatedWith Seagram Company, Ltd. corporateBody
associatedWith Seidenberg, Jacob. person
associatedWith Seidenberg, Jacob. person
associatedWith Woolford, Bess Carroll person
associatedWith Woolford, S. W. (Sam W.) person
Place Name Admin Code Country
West (U.S.)
Colorado
Subject
Consolidation and merger of corporations
Coal--Environmental effects
Coal--Combustion--Environmental Effects
Tourism
Petroleum industry and trade
Air--Pollution
Occupation
Activity

Corporate Body

Active 1981

Active 1983

Information

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Ark ID: w6ff8m52

SNAC ID: 19244420