Word: texaco
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...more than $6 billion in what is the biggest acquisition ever of a nonoil firm. Just blocks away, W.R. Grace, the chemical producer and retail-store giant, said it would buy back almost $600 million of its stock in a move to fend off a possible takeover. In Houston, Texaco found itself fighting for its life after a judge affirmed that the third-largest U.S. oil producer would have to pay more than $11 billion in damages for derailing a 1984 merger between Pennzoil and Getty. And in New Jersey, GAF, a middle-size maker of chemicals and building materials...
...thumb, the system could net the Saudis $2 to $2.50 less than the established OPEC price of $28 per bbl. While Middle East oilmen could not confirm last week that the Saudis had signed any such agreements, trade sources elsewhere said that the U.S. oil giants Exxon, Mobil and Texaco would buy some crude under the discount system...
...major issue was Gordon's decision to sell the trust's 40% ownership of Getty Oil stock to Texaco last year as part of Texaco's $10 billion acquisition of the Getty firm. While the sale of Getty stock greatly enhanced the trust's value, the Georgettes argued that the deal violated provisions of the trust and that Gordon, who sings and composes opera, had abused his authority as sole trustee...
...bleak oil-refinery situation is not limited to Aruba. The Caribbean's eight major refineries are cutting production, and more than 100 U.S. refineries have ceased operating since 1981. Additional closings are expected. Texaco is shutting down its 65,000-bbl.-a-day plant in Lawrenceville, Ill., and a 20,000-bbl.-a-day operation in Amarillo, Texas. Since September, the company has halved the capacity of its Port Arthur, Texas, refinery...
...high rollers. The merger boom, however, has provided so many opportunities that many other investors have become involved. By far the biggest and boldest of the arbs is Ivan F. Boesky, 47, who has his own privately held firm. He raked in about $50 million on Texaco's 1984 takeover of Getty and $65 million last year when Chevron bought Gulf. Three weeks ago, Boesky turned a tidy profit when he bought 3 million shares of Holiday Inns at $47.30 just as the company was offering to buy back its stock...