3 SENATORS UNITE ON OIL-MERGE CURB
Three Senators bent on curbing oil-industry mergers have negotiated an agreement for a common bill under which large acquisitions would be barred for six months, one of the Senators, Howard M. Metzenbaum, said today. The proposed legislation, which would declare a moratorium effective Feb. 28, would apply to any company with crude oil reserves of 100 million barrels or more, a level that would cover about the 50 biggest. It would thus block the Standard Oil Company of California's proposed $13.2 billion takeover of the Gulf Corporation and the Mobil Corporation's proposed $5.7 billion acquisition of the Superior Oil Company.