Little Partner Back

Last autumn Carib Syndicate, Ltd. informed its stockholders it had received a $2,000,000 offer from an undisclosed group for its 21% interest in the fabulous Barco oil concession. Since little Carib did not have the money to play along with its big partners, Socony-Vacuum Oil Co. and Texas Corp., in development of the jungle oil properties in Colombia, the stockholders authorized their directors to accept the offer (TIME, Dec. 7).

Last week Carib stockholders learned the deal was off, at least for the time being. The undisclosed group who wanted Carib's share of the Barco was, it turned out, in fact acting for Socony and Texaco. Knowing this, little Carib was obviously in a better position to bargain. It was announced that "the parties in interest have taken the matter under consideration." presumably meaning more money for Carib.

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