And Pennzoil-Quaker State, like Nabisco, has two of the best-known brands in the business.

FORBES: Oreos and lubricants

In the last few years, for example, OfficeMax, Dial, Airborne Express and Pennzoil-Quaker State were acquired at an average 120% premium to Marker's cost.

FORBES: 2004 Fund Survey

In a December memo to analysts, Pennzoil-Quaker State warned that 1999 will be a "transition year, " with 2% revenue growth and a 5.7% pretax, preinterest margin, barely changed from 1998.

FORBES: Oreos and lubricants