Word: texaco
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Corporate raider Carl Icahn, who owns 17.3% of Texaco, has tirelessly hectored its top management for 1 1/2 years with charges that the giant oil company is poorly run. Icahn has repeatedly threatened to stage a hostile takeover, and even tried unsuccessfully to replace Texaco's directors in an old-fashion proxy fight late last spring. Finally, after 14 hours of peace talks, Icahn agreed last week to sign a standstill agreement that prevents him from buying any more stock in the company or trying to wrest control for another seven years...
Icahn will extract a rich payoff. Texaco agreed to pay a special shareholder dividend of $2 billion, nearly $340 million of which will go to the raider. The money will come from the oil firm's $7 billion in proceeds from assets it has sold off since last June, partly at Icahn's urging...
...repel raiders can use an ESOP as a way to put a chunk of the company into relatively friendly hands. "Every corporate treasurer is looking at it," says Paul Mazzilli, a principal at the Morgan Stanley investment firm. In recent months, three major corporations -- J.C. Penney, Ralston Purina and Texaco -- spent a total of $1.75 billion on ESOPs to shore up their takeover defenses. Procter & Gamble announced plans in January to spend $1 billion to boost its ESOP from 14% of outstanding shares to 20%, partly to ward off raiders...
...million drop reflects the fact that Harvard decided during the previous fiscal year to sell its holdings in six companies--Mobil, Texaco, Chevron, Royal Dutch Petroleum, Ford Motors and Phelps Dodge. The CCSR announced that decision last year...
OOPS! BAD TIME TO GO OUT ON A LIMB. Robert Holmes a Court, 51, Australia's first billionaire, was heading for a fall last year when he bought huge blocks of stock, including a 10% stake in Texaco. The crash cut his personal fortune from an estimated $1.1 billion in mid-1987 to $400 million now. Lately, instead of stalking giant corporations on several continents, the Perth-based investor has been making far more modest acquisitions, such as sheep ranches, land for an industrial park and paintings for his private collection...