Word: diamonds
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Dates: during 1980-1989
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Mergers and acquisitions have become commonplace in the U.S. oil business during the past few years, but the drama that unfolded last week as Occidental Petroleum and Diamond Shamrock first announced, then canceled, a $3.3 billion marriage was one of a kind. Negotiated in a rush, then abandoned, the deal hurt both companies, leaving each vulnerable to a takeover...
...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...
...banner year in 1984. We started in January with a visit by the late Reverend Martin Luther King Sr. for a Memorial Church service to honor the life of his son, and after 25 additional Foundation sponsored events, ended the year with a December 10th celebration of the Diamond Jubilee (75th anniversary) of the NAACP...
...times when the weather socked the pilot in and the mail run had to be postponed for up to five days. But this day was so clear you could almost see tomorrow. The Salmon River Mountains were below. The way the snow caught the sun, the snow looked like diamond dust. Off the starboard wing the Sawtooth Mountain Range made a ragged platinum horizon. Down canyons, through passes, over peaks, the Cessna with the skis affixed to its wheels threw a shadow that caused elk, long-horned sheep and mountain goats to bolt. On the control panel Arnold has tacked...