Word: texaco
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...firms doing business with Iraq as part of the U.N.-administered oil-for-food program. Volcker's 623-page report, which alleges that Russian, French and Chinese companies made the lion's share of illegal payments, fingers some firms with well-known brands in the U.S., including Texaco, Siemens, DaimlerChrysler and a Belgian-based construction division of Volvo. With few exceptions, the accused have denied wrongdoing...
Icahn, 69, hasn't mellowed a bit since his corporate-raider days in the 1980s, when he made millions of dollars buying stock and forcing asset sales, stock buybacks and special dividends by the likes of Texaco and Phillips Petroleum. In the '90s, with notable exceptions like RJR Nabisco (in which he bought a stake and pushed the company to break up), he operated more quietly, in beaten-down areas of the bond market. But now he's back on the big stage rattling major corporations--and loving...
...Roman poet Vergil in The Aeneid called rumor "a huge and terrible monster," and Wall Streeters last week would have agreed. The intense speculation about Pennzoil was part of the high-stakes legal battle the company has been waging with Texaco. In November a Houston jury ordered Texaco to pay Pennzoil $10.53 billion in damages for snatching Getty Oil away in a 1984 takeover battle. After a Houston judge upheld the jury's decision, Pennzoil and Texaco negotiators tried to forge an out-of-court settlement...
Last week, in the midst of those talks, a rumor started that Texaco was offering to buy Pennzoil for $5 billion. If the gossip proved true, the value of each Pennzoil share would instantly have been 105. But instead of creating a gusher of wealth, the rumor turned out to be a dry hole. Pennzoil Chairman J. Hugh Liedtke denied that any merger was imminent, and the stock slumped...
...greater activity both in terms of price and volume by late morning on Tuesday." In Houston, Liedtke first learned of the stock spurt when he received a call in his office atop Pennzoil Place. Said he: "I could only guess that there had been some kind of leak by Texaco about the offer they were going to make." Liedtke later sent a cable to the Securities and Exchange Commission in Washington asking the agency to investigate whether Texaco was responsible for the volatile trading in Pennzoil stock. Texaco Chairman John McKinley called Liedtke's charge "ridiculous," but an SEC probe...