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News > Deals
DuPont may sell Conoco
August 17, 1998: 9:41 a.m. ET

France's Elf Acquitaine reportedly in talks to buy oil unit for $24 billion
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NEW YORK (CNNfn) - Shares of DuPont Co. climbed more than two points in pre-market trading Monday, sparked by a report that the chemicals giant is about to sell its Conoco oil unit.
     According to a British newspaper, French oil concern Elf Aquitaine wants to buy Conoco for $24 billion. DuPont and Elf Aquitaine (ELF) have declined to comment on the report.
     DuPont (DD) shares climbed to 55-3/8 in pre-market trading, up 2-1/8 from Friday's close of 53-1/4.
     The report comes less than one week after British Petroleum PLC said it would acquire Amoco for $48 billion. That deal spurred speculation among some analysts of further consolidation in the oil industry.
     Earlier this year, DuPont announced plans to spin-off 20 percent of Conoco, then sell off the remaining 80 percent over the next several years.
     Conoco, which DuPont acquired in 1981, is the ninth-largest oil company in the United States, with revenues of approximately $22 billion. Back to top

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