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larger forms world’s largest private company
- WASHINGTON (AP) — Exxon
id .Mobil moved swiftly yesterday
conclude their $81 billion merger
iu get an
doled to end toor®
ter federal regulators cleared the
with conditions — for the
^creating the world’s largest pri-
itelv held oil company.
jfrhe merger reunites two of the
ggi st remnants of the 1911 gov-
ELP WANTEDnnient breakup of John D. Rocke-
a, reader; strong, if's Standard Oil empire,
inning January 2000 Company ofticials said they
,,, lixp. p/T. itaJd comply with government re-
uUioinq. eneigei jiKments that the new oil giant sell
9 (210)865 ' 4638 ■! of its nearly 16,000 gas sta-
r ^e"“ : specifically those in the North-
tabie au-Kddus 1st, Texas and California, as well as
Jb now hiring jpostSBiiery and other assets,
nieather Rd. orcaiffil'This settlement should pre-
w competition and protect con-
Jers from inappropriate and an-
Bnpetitive price increases,”
■ral Tl'ade Commission Chair
Pitofsky said.
pixxon and Mobil have accepted
s and conditions specified by
'C and will comply fully and in
lely manner,” Exxon Chair Lee
DTORCYCLElfinond said in a statement only
oars after the FTC gave its condi-
3 i,238 8891 ondl approval to the deal, conclud-
PETS 1 y ear * on S rev i ew -
r on Northgate hiring a
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Within minutes of the FTC ac
tion, executives of the two com
panies filed papers in New Jersey
and Delaware, where Exxon and
Mobil had been registered, offi
cially creating
the new Exxon
Mobil, a com
pany produc
ing 3.8 percent
of the world’s
oil with
120,000 em
ployees and
$138 billion in
assets.
The New
York Stock Ex
change an
nounced that
beginning to
day, the Exxon
and Mobil sym
bols would be
scrapped, and
the new compa
ny would be traded under a new
Exxon-Mobil symbol, XOM.
Shares of Exxon traded at 5:15
p.m. on the New York Stock Ex
change at $79.31 1/4, down 6 1/4
cents, while shares of Mobil rose
87 1/2 cents to $104.37 1/2.
Without the conditions the FTC
imposed, the agency said, the
new company would violate an
titrust laws and
“significantly in
jure competition”
in some parts of the
country.
So the commis
sioners voted 4-0 to
approve a settle
ment requiring
Exxon, the coun
try’s largest oil
company, and Mo
bil, the second
largest, to sell off
assets where they
dominate markets.
The FTC noted
Exxon’s and Mobil’s
retail market domi
nance in the mid-At
lantic and Northeast
states, in Texas, and in California
where in many areas they account
ed for 20 percent to 35 percent of the
retail gasoline markets.
The agency also singled out con
cerns about refining operations in
California and some shipping termi
nals in the Northeast.
As a result, the FTC required un
der a settlement agreement, also en
dorsed by 13 states, that:
• Exxon-Mobil within nine
months sell 1,740 service station
from Virginia to Maine.
Exxon must jettison all its sta
tions in the six New England states
and New York, while Mobil must sell
its stations in New Jersey, Pennsyl
vania, Delaware, Maryland, Virginia
and Washington D.C.
• Exxon sell all 360 of its gas sta
tions in California as well as a refin
ery at Benicia, Calif.
• Mobil sell 319 stations in Texas
including those in Dallas, Houston,
Austin, San Antonio and College
Station.
• Mobil sell oil terminals in
Boston and Washington D.C.
The new company also will have
to dispose of some pipeline and oth
er assets.
No specific buyers were required,
and in many cases gasoline will still
be marketed with Mobil or Exxon
brand names, officials said.
“This settlement
should preserve
competition and
protect con
sumers from inap
propriate and anti
competitive price
increases”
— Robert Pitofsky
Federal Trade Commission
. Kittens. Cats, Dogs
mimal Shelter-77M7S
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272.1223.
OOMMATES
itizens protest government trade ceremony
^ ipEATTLE (AP) — Police in riot gear fired
bmbus. r rt S cai?Ante® -ipepper spray in plastic pellets yesterday at
. - • |nr;onstrators who blocked streets and forced
very m r dupie< S32. : delay in opening ceremonies of the largest
ade event ever staged in the United States,
roommate "?***'^'•arts of this normally laid-back Pacific
—rrp larthwest city almost took on the look of a
fi/3uiiiucaiAira attle zone as police confronted protesters
iprmg 187.50/mo. cr the chained their bodies together so that of-
789; ' cials’ motorcades could not get through.
President Clinton, who had hoped to use
leighborhood $275/mo.isM r
ie meetings of the 135-nation World Trade
ipring summer'OO 3Miir, irganization (WTO) to showcase the benefits
vi, "h. .i/3e, sD. ; ff ree trade, told reporters in Washington be-
spnnq own btjr«rj re demonstrators took to the streets that
Mvas very sympathetic with the concerns
pring’00, own bedroom ifV , , , . . .
Can Isabella823-6697 eipg expressed by labor unions and environ
ed ASAP ownted/bath Dental groups.
lem 693-5188$3oo/mo |m think we should strengthen the role and
neededfoi sprog.s62.5the interest of labor and environment in our
c. Call 822-7281. B
trade negotiations” Clinton, who is scheduled
to address the WTO ministers today, said.
After a three-hour delay in the opening cer
emonies, embarrassed WTO officials finally
gave up and said they would break for lunch.
Opening speeches, to be delivered by U.N.
Secretary General Kofi Annan and Secretary
of State Madeleine Albright, were being
rescheduled.
WTO Director General Mike Moore, a for
mer prime minister of New Zealand, told the
handful of delegates who had managed to get
through the protesters and stinging gas clouds,
that U.S. Trade Representative Charlene
Barshefsky wanted to apologize for the dis
ruptions.
“I pass regards of our host, Charlene, to you
— her regrets that this is what’s happened,”
Moore said.
The Clinton administration had picked
Washington state, home to exporting giants
Boeing and Microsoft, to highlight the impor
tance of trade for the U.S. economy. One of
every three jobs here are tied to international
trade, the most of any state.
But the Pacific Northwest also has strong
ties to labor unions and environmental ac
tivists, and they showed up in large numbers
to voice their grievances.
In the view of protesters, the WTO puts
profits for multinational corporations over oth
er concerns, forcing nations to engage in a
“race to the bottom” to compete in the global
economy with low wages and lax environ
mental standards.
“We’re going to change WTO or we’re go
ing to get rid of WTO,” Teamsters union Pres
ident James Hoffa Jr. told an estimated 20,000
union workers and their families assembled at
a stadium near the Seattle Space Needle be
fore they began what union organizers
promised would 1 be a peaceful march.
Courts rule
unfairness,
9 men hired
PITTSBURGH (AP) — City
officials have reluctantly agreed
to hire nine white men who
filed a discrimination lawsuit
after they were passed over for
jobs as police officers in 1992.
The 3rd U.S. Circuit Court
of Appeals recently upheld a
federal jury’s 1998 decision to
award back pay and damages
to the men, who said they
were victims of reverse dis
crimination.
All had received high scores
on the city’s written examina
tion for police candidates and
said the city used a subsequent
oral test to weed them out.
On Monday, the city agreed
to offer jobs to the men if they
pass physical and psychologi
cal exams.
The city also will owe them
$900,000 in back pay and relat
ed charges.
City attorney Jacqueline
Morrow said the appeals
court’s ruling will hamper ef
forts to maintain diversity on
the police force.
“The city was trying to do
something it should do —
namely, create a police force
that reflected the city’s popula
tion,” she said.
The men’s lawyer, Samuel
Cordes, said he expects some of
them to enter the police acade
my in January.
From 1975 to 1991, Pitts
burgh police were required by
court order to hire equal num
bers of white men, white
women, black men and black
women.
The quota system ended af
ter a legal challenge by four
white male applicants who said
the need for such a system had
diminished.
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