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MANTEI v. CREOLE PETROLEUM CORP.

61 A.D.2d 910 (1978)

Herman Mantei et al., Appellants, v. Creole Petroleum Corp. et al., Defendants, and Exxon Corporation et al., Respondents

Appellate Division of the Supreme Court of the State of New York, First Department.

March 9, 1978

Pursuant to section 253 of the Delaware General Corporation Law, Creole Petroleum Corp. and Esso Holding, Inc., a wholly owned subsidiary of defendant Exxon, were merged effective June 23, 1975. Both Creole Petroleum Corp. and Esso Holding, Inc., were Delaware corporations. The merger was a so-called "short merger" under which the corporate holder of more than 90% of the stock of a Delaware corporation may merge a subsidiary into the parent by the unilateral act of the board...

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