Word: texaco
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...study to be released as a book in March, comes after more than a year of research by Eckstein's Lexington consulting firm, Data Resources Inc. Nine major corporations sponsored the study- AT&T, BEthleham Steel, Burlington Industries, DuPont, Eastman Kodak, Ford, Goodyear, John Deere, and Texaco...
...Texaco, third-largest oil company in the U.S. (1982 revenues: $48 billion), snatched 14th-ranked Getty ($12.3 billion) from the embrace of a much smaller suitor, Pennzoil ($2.3 billion). Only three days earlier, before Texaco jumped into the bidding, Pennzoil Chairman J. Hugh Liedtke and Gordon Getty had sealed a $5.2 billion deal to buy up Getty Oil's stock jointly for $112.50 a share and make the company a private firm. But then came Texaco with an irresistible offer of $125 a share. The Texaco price will bring Getty heirs almost $4 billion; a month ago, their shares...
That Pennzoil-Getty accord, though, drew the attention of Texaco, based in White Plains, N.Y., which has also been looking for new supplies of crude oil. Texaco's total petroleum pool shrank 25% between 1979 and 1982, to about 1.9 billion bbl. With the addition of Getty's supply, Texaco's reserves would double...
...Texaco Chairman John K. McKinley decided to top Liedtke's bid. First Boston, a New York City investment banking firm, advised McKinley on the price to propose. Texaco offered $125 a share. On Friday, Getty's board approved the deal in a hastily scheduled conference telephone call...
...telex to the Getty board threatening to sue the company for breaking the earlier agreement and promising to exercise a stock-purchase clause entitling Pennzoil to purchase 8 million Getty shares at $110 each. That would net Pennzoil a profit of some $120 million at the price Texaco is offering...