CONOCO PLANS INITIAL PUBLIC OFFERING OF 150,000,000 SHARES
Houston, Sept. 28, 1998 -- Conoco Inc. (NYSE (proposed): CLL) announced today
that it has amended its previously filed registration statement with the Securities
and Exchange Commission to provide for a proposed initial public offering (IPO) of
150,000,000 shares of its Class A common stock. It is currently estimated that
the initial public offering price will be between $20 and $24 per share and that the
underwriters will be granted an option to acquire up to an additional 22,500,000
shares to cover over-allotments. Net proceeds of the offering will be used to repay
outstanding indebtedness to DuPont.
Following completion of the offering, DuPont (NYSE:DD) will indirectly own
approximately 75 percent of the Company's common stock (representing
approximately 94 percent of the combined voting power of all classes of common
stock), assuming no exercise of the underwriters' over-allotment option.
The representatives of the underwriters of the offering are Morgan Stanley Dean
Witter; Credit Suisse First Boston; Goldman, Sachs & Co.; Merrill Lynch & Co.; J.
P. Morgan & Co.; Salomon Smith Barney; BT Alex. Brown; and Schroder & Co.
Inc.
Conoco, active in 40 countries, is a fully integrated energy company involved in
exploration, production, refining, marketing, transportation and power. The
company ranks eighth in the worldwide production of petroleum liquids by all
U.S.-based companies, eleventh in the production of natural gas, and eighth in
refining throughputs.
A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification of the securities laws of any such state.
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