The directors of Chevron and Texaco were to vote on a megamerger that could be announced as soon as this morning, various reports said. The value of such a deal, which would aim to strengthen both in competition with the recent Exxon-Mobil and BP-Amoco mergers, was put at between $35 billion and $85 billion. Chevron and Texaco explored a merger in June 1999, but negotiations collapsed over which company would control the board of directors. Between them, San Francisco-based Chevron and White Plains, N.Y.-based Texaco employ almost 55,000 workers around the world and have operations in West Africa, Latin America, and the former Soviet Union. They already are equal partners in Caltex, a refining/marketing venture whose headquarters are in Singapore.
McDonald's Corp. was refusing to confirm a published report that, beginning next year, it will branch out from "fast food" and test-market deli- and diner-style restaurants. The trade publication Advertising Age said it has learned that the Oak Brook, Ill.-based chain, the world's largest in its field, likely would attach the delis to conventional outlets, allowing patrons to order soups, cold sandwiches on "specialty" breads, and desserts. In the diners, according to the report, orders would be placed from a kiosk and be delivered to tables by a staff of servers.
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