Associates First Seeks Texaco Credit Card Unit

Associates First Capital Corp., a finance company owned by Ford Motor Co., said it is in talks to acquire Texaco Inc.’s credit card services business, which has more than $700 million in receivables. Texaco’s credit card unit has 9 million accounts, the company said. Associates First declined to say how much it would pay to acquire the oil company’s unit. Recently, the Dallas-based company has been busy acquiring bank card accounts. Last week, Associates First announced an agreement to buy J.C. Penney Co.’s Visa and MasterCard portfolio, with $740 million of account receivables, after the retailer decided to focus on its proprietary card. Associates First’s shares rose 75 cents to close at $48.375, and Texaco shares gained 62.5 cents to close at $105.875. Both trade on the New York Stock Exchange.