Word: chevron
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Many Pittsburgh residents grieved last year when Californiabased Chevron bought Gulf, which made its home in the Pennsylvania city. The purchase wounded Pittsburgh's pride, and stands to cost it more than 2,000 jobs as Chevron shuts offices and shifts employees to other U.S. locations. In all, Pittsburgh Mayor Richard Caliguiri estimates that the Chevron-Gulf merger will result in the loss of nearly $75 million in income for residents of the area...
...sector of corporate America. The consequences of his actions have been stunning. They have resulted in the end of Gulf Oil, Cities Service and others as independent companies. Pickens last year forced Gulf (1984 sales: $28.4 billion), the fifth largest U.S. oil company, to sell out to No. 4 Chevron ($29.2 billion) for $13.2 billion in the biggest merger in business history. The Pickens group's profit on that deal: $760 million. Earlier, it earned $31.5 million by driving Cities Service ($8.5 billion before its 1982 merger) into the arms of Occidental Petroleum...
...estimates that as a result of his takeover battles, about 750,000 small investors have seen the value of their holdings grow by about $12 billion. His pursuit of Gulf, for example, pushed that company's stock from $41 a share in October 1983 to the $80 that Chevron agreed to pay for it in March...
...industry executives are as tough on Pickens as he is on them. "He's only after the almighty buck," says G.C. Richardson, a retired executive of Cities Service. He's nothing but a pirate." Gulf Chairman James Lee accuses Pickens of "hit-and-run tactics." Says Chevron Chairman George Keller: "Pickens does not break any laws doing what he does. But he breaks tradition." Many oilmen are reluctant to discuss Pickens publicly for fear of drawing his attention to their companies. Says one executive: "They want to let sleeping dogs...
...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...