Mobil agrees to acquire biggest oil independent
Mobil Oil, the nation's second-largest oil company, has agreed to acquire Superior Oil Company, the nation's largest independent oil and gas supplier, in a $5.7 billion deal.
In the latest in a series of oil industry takeovers, Mobil, in a statement issued Sunday, said it paid $5.7 billion to purchase 127.2 million shares of Superior. It said the move was intended to increase Mobil's domestic oil reserves. Mobil officials said they had been considering making the move for several months.
Mobil said that because Superior was a diversified company with interests in farming, real estate, and mining, ''no antitrust impediments are anticipated.'' But industry analysts say the Mobil takeover is likely to spur efforts in Congress to limit such huge oil deals.