Word: texaco
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...same time, however, Texaco was waging its own frontal assault on Getty. In early February number-six Texaco beat number-nine Getty, having come up with $12 billion to buy out the smaller cousin--setting a new record for the biggest corporate takeover...
...willingness of bankers to arrange the huge Texaco loan brought a new company into the Pickens vs. Gulf fight. Atlantic Richfield, moving to increase its oil reserves, offered Gulf $70 a share in mid-February...
...addition, when the Texaco-Getty and Socal-Gulf deals go through--Reagan's Justice Department is unlikely to require more than that they unload some of their departments to make the companies seem less, huge--fully 57 percent of the nation's oil reserves will be controlled by just eight companies, and their hold on refining and distributing will be strengthened...
...companies choosing the easy way out. Instead of exploring for oil and gas they capture another company, along with its ever more lucrative reserves. In buying Gulf, for instance, Socal spent $13.2 billion but got $15.4 billion worth of reserves after discounting for the cost of buying the company. Texaco got $10.4 billion in reserves when it snatched Getty...
Those unconfirmed rumors helped push Texaco's stock up $5, to a twelve-month high of $47. Speculation in Gulf stock was equally brisk. Its price climbed $6.88, to close the week...