Word: diamond
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...green of a baseball diamond, not the artificial kneetearing, crazy-bounce-inspiring turf of a concrete stadium but the real grass of a real park...
...meeting in Los Angeles two weeks ago, Occidental Chairman Armand Hammer, 86, and Diamond Shamrock Chairman William Bricker, 52, were discussing Bricker's plans to take over a third oil firm when they began exploring a merger of their companies. As a team of more than 100 investment bankers and advisers labored through the weekend to work out the details, an arrangement took shape in which stockholders in the two firms would trade their shares one for one for stock in a new holding company. Under the terms, according to sources at Occidental, Diamond Shamrock would have become a wholly...
...agreement at first looked mutually beneficial. Shareholders in Diamond Shamrock (1983 revenues: $4 billion) would gain by a rise in their dividends from $1.76 to $2.50 per share. Shareholders of Occidental (1983 revenues: $19 billion) would see the value of their shares diluted, but they would win in other ways. Selling off some of the assets of the smaller Dallas-based Diamond Shamrock could have helped the Los Angeles-based Occidental with its capital needs in such ventures as a new oilfield in Colombia. The cash could also have been used to reduce Occidental's $3.5 billion debt, much...
...beginning. "It would never have worked," said Alan Edgar, an energy analyst for the securities firm of Schneider, Bernet & Hickman in Dallas. "Two ugly ducklings just won't make a swan." Concurred E.F. Hutton's William Craig: "It looked like a terrible deal for Occidental." He pointed out that Diamond Shamrock's principal oil holdings, which are in Indonesia, are being rapidly depleted...
...days following the cancellation of the merger, Occidental shares regained most of their losses. But there can be no doubt that Bricker's stock has fallen. Said one executive who took part in the negotiations: "The way things turned out makes Diamond management look a little erratic." Furthermore, by considering such an arrangement, Bricker posted notice that Diamond Shamrock is for sale. Bricker insisted last week that his company is still "an aggressive pursuer" seeking to acquire another oil company. But in the volatile oil game, he is a hunter who could just end up being bagged...