In Which Hubbert Trumps Sherman

The news today of ChevronTexaco purchasing Unocal for $16.4 billion makes me wonder: just as the various "Baby Bells" are slowly converging towards a single entity (looking much like their former parent, AT&T), aren't the the various pieces of the publicly traded oil companies slowly merging to negate the effects of Standard Oil of New Jersey v. United States, one company at a time?