From Big Oil To Behemoth Oil

Having downsized and spun off, the industry turns to M&A

It's the kind of bare-knuckles play seldom seen in the oil patch lately: On June 23, Union Pacific Resources Group, the largest U.S. independent oil and gas exploration company, launched a hostile bid for Pennzoil Co. Union Pacific Resources called Pennzoil's managers "unwilling or incapable" of executing its business, and attacked the company's antitakeover defenses in court in three states. Houston-based Pennzoil agreed to respond by July 7.

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