Word: petroleum
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Pickens, the chairman of Mesa Petroleum (1984 sales: $413 million), an oil and gas producer with 650 employees, has gone eyeball to eyeball with the biggest, strongest and sometimes least loved of all U.S. firms, oil companies, and forced them to blink. Indeed, just the fear of Pickens has sent energy giants scrambling to merge with one another. Says Joseph Fogg III of the investment banking firm Morgan Stanley: "You would have to go back to the past century, to people like Jay Gould and Jim Fisk, to find someone who has had an equivalent impact on a major American...
Pickens, who last year waged fights with Phillips Petroleum and Gulf, claimed that he had no present plans to seek control of Unocal. Nonetheless, he added, he was prepared to spend an additional $616 million to buy more of the California firm's shares. A Pickens takeover bid would be strongly opposed by Unocal Chairman Fred Hartley, who has declared that his firm is not for sale...
...Phillips Petroleum, meanwhile, was still feeling the effects last week of its encounter with Pickens. Financier Carl Icahn, who opposes a December agreement that ended the Pickens-Phillips fight, was cleared by a court ruling to proceed with his own takeover bid for the Oklahoma company...
...Nobel Peace Prize winner Bishop Desmond Tutu said, during his recent visit to Harvard, all American companies in South Africa are to some degree legitimizing apartheid. This legitimization is sometimes appallingly direct. American firms supply the computers that monitor the movement of Blacks and "coloreds" or the automobiles and petroleum that the military and police forces use to suppress the majority. But more important, the legitimization is indirect, because American corporations in South Africa cannot help but lend moral and economic support as well as credibility to the apartheid regimes simply through their physical presence...
...align their official rates with sagging world petroleum markets, nine of the 13 OPEC members reshuffled the prices of a variety of crudes they sell; the effect was to reduce the weighted average cost of an OPEC barrel of oil by 29 cents, although some grades will drop by more than $1. It was only the second price cut in the organization's 25-year history. The first came in March 1983, when sliding world crude prices forced OPEC to mark down its Arab Light benchmark crude...