Word: petroleum
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Business: Makes construction, mining and petroleum-related equipment...
Proxy vote: no petroleum sales to South Africa...
Sometimes he is wrong. When Phillips Petroleum struck a deal to buy off the raiding T. Boone Pickens in December at a lower than expected price, the firm's stock plummeted and Boesky lost an estimated $40 million in less than a week. Nonetheless, he maintains that he is correct 90% of the time. "This is not some kind of gambling exercise," he says. "It's a very serious business." Boesky contends that arbitrage can be safer than buying stocks as long-term investments. Reason: he maintains it is simpler to calculate the odds of one deal's success than...
...stride through the corridors of the financial world, examining balance sheets, calculating the value of assets and looking for attractive takeover targets. They are usually loners out to make their own millions, although sometimes they join forces or end up on opposite sides. Last week's battle for Phillips Petroleum involved not only Pickens but three other leading takeover masters...
...does not look like someone who would frighten even a PTA board, he is a scourge to the giants of corporate America. Last week newspapers across the U.S. carried full-page ads with the scare headline IS ICAHN FOR REAL? The ads were part of a counterattack by Phillips Petroleum against Icahn's attempt to take over the firm...