Word: gulf
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Dates: during 1960-1969
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Acquisitive as his company is, President David N. Judelson has insisted that Gulf & Western Industries wanted no part of any corporation "where the management doesn't welcome our entrance." On that basis, Gulf & Western agreed last month to sell its 33% interest in Allis-Chalmers Manufacturing Co., which had resisted the very idea of a merger. That done, Gulf & Western promptly showed that its policy can change along with the prize. Last week the company was involved in a struggle to acquire Sinclair Oil, which vowed to "vigorously oppose" the move and made its point even clearer by agreeing...
...Gulf & Western, the stakes were obviously worth fighting for. Under Judelson and Chairman Charles Bluhdorn, who put the firm together a decade ago and who remains very much the man in charge, Gulf & Western has become a $1.3 billion-a-year conglomerate by buying up some 70 companies in fields as diverse as metals (New Jersey Zinc) and movies (Paramount). But it has never been in the oil business. For its part, Sinclair is the nation's tenth biggest oil company; its 1967 sales were $1.5 billion and its profits $95.4 million. Because it has a relatively small amount...
Production Binge. Gulf & Western's bid came in the form of a tender offer involving securities that it valued at more than $1.4 billion. Sinclair President O. P. (for Orlando Pendleton) Thomas' counterproposal of a get-together with Atlantic Richfield called for an exchange of stock worth slightly more than the Gulf & Western package. The extra money was not Thomas' main motive. In a letter to shareholders, his company questioned Gulf & Western...
...surface and another three miles under the sea bottom, a Panhandle subsidiary last month finished a 150-mile underwater section of 30-inch pipe that will eventually reach shore and extend a full length of 200 miles out to sea. Costing $67 million, the Panhandle job is the Gulf's biggest project to date...
...Sign of Letup. Natural gas has been piped from the gulf since 1937, and estimates are that the area harbors some 79 trillion cubic feet of gas or about one-fourth of the total U.S. reserves. The pipelaying splurge began sometime last year when natural-gas companies, who form the nation's sixth largest industry, found demand outpacing supply. Then came a fillip from the Federal Power Commission in Washington. Ruling that the gas companies should bring the Louisiana deposits ashore individually, the FPC scotched the plans of a large group of 30 oil companies headed by Shell...