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Getty Oil Battle #293685

CBS Evening News for Saturday, Jan 07, 1984
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(Studio) Getty Oil reported accepting in principle Texaco's merger offer; details given.
REPORTER: Bob Schieffer

(NYC) Pennzoil's effort to merge with Getty and Texaco's later maneuver reviewed; Pennzoil reported threatening suit against Getty for its turn-around. Justice Department mentioned investigating possible antitrust violations. Implications of Texaco's takeover for oil and gas reserves discussed. [Shearson/American Express oil analyst Sanford MARGOSHES - explains boost to Texaco's reserves.] Shortage of new oil fields and econs. in exploration thought basis for merger efforts. [MARGOSHES - sees such maneuvers future course for stock exchange.] Texaco merger said largest in United States history.
REPORTER: Liz Trotta

Reporter(s):
Schieffer, Bob;
Trotta, Liz
Duration:
00:01:50

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