Word: texaco
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...billion battle royal between Texaco and Pennzoil suddenly became more of a free-for-all last week. Robert Holmes a Court, an Australian financier and aggressive corporate raider, informed the U.S. Securities and Exchange Commission that he had bought more than 15.5 million, or 6.4%, of Texaco's 242 million outstanding shares for $541 million "exclusively for purposes of investment." The Australian tycoon said he has no intention of mounting a takeover bid for the third-ranking U.S. oil company (1986 revenues: U.S. oil company (1986 revenues: $32.6 billion). But Wall Street experts believe that whatever Holmes a Court...
...Texaco shares hopped from 36 5/8 to 37 1/2 the day of Holmes a Court's purchase announcement. But in view of the company's oil reserves and other holdings, many Wall Street analysts still consider its stock sharply undervalued. Holmes a Court said as much in a letter informing Texaco Chief Executive James Kinnear of his investment: "The intrinsic value of Texaco's assets is substantially higher." Texaco agrees. In a statement, the company declared, "We assume that he shares the view expressed by others that . . . the stock is a good long-term investment...
...proposed bill would set up an "apartheid list" of companies that are doing a large amount of business with South Africa, such as IBM, the Bank of Boston, Control Data Corp., and Texaco, said Robert D. Slate '83, Graham's legislative aide...
...that the elaborate bankruptcy mechanism has been engaged in the Texaco-Pennzoil case, it will grind on, perhaps for years. Pennzoil has so far spent at least $20 million in its legal bouts with Texaco, which in turn has spent several times that amount. Pennzoil, ominously enough, has built up a $300 million legal kitty to carry on the fray. Says the pugnacious Liedtke: "If they want to play burnout, it will be a while...
...Texaco is in bankruptcy, but the slugfest with Pennzoil goes on. -- A drug bust on Wall Street. -- Fragile recovery in the Philippines...