Seagram fails on Conoco but still buys its shares
The Canadian-based Seagram liquor giant, which came in second to the Du Pont Company in a three-way bidding war for Conoco Inc., is nevertheless seeking increased investment in the oil and coal company.Skip to next paragraph
Subscribe Today to the Monitor
Seagram announced it acquired 25.3 million shares, or a 25 percent stake, of Conoco and would try to buy up to a total of 44.35 million shares by the time its $92-a-share offer expires tonight (Aug. 7). Seagram has not disclosed its intentions, but there has been speculation that will try to acquire the huge Consolidation Coal Company, a Conoco subsidiary.
Meanwhile, Du Pont increased its holdings to 62 percent of Conoco stock from the 55 percent controlling interest acquired at a cost of $7.4 billion.