Word: hartley
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...Texas raider ran into a totally determined foe in Unocal Chairman Fred Hartley. His company managed to repel Pickens primarily with a $3.6 billion offer to buy up part of its outstanding stock for $72 a share, compared with the raider's bid of $54. Ordinarily Pickens would have responded by simply cashing in his 12% share of the company and walking away with a fat profit. Unocal made him exempt from the offer, however, which was a daring strategy since companies generally presume that the law requires them to treat all stockholders equally. Yet in a surprising reversal...
...massive debt, the company will probably have to trim back its oil exploration and perhaps even sell some assets to raise cash. Nonetheless, Unocal management saw the battle with Pickens as almost a moral duty. Many other corporate leaders agreed. Declared Armand Hammer, Occidental Petroleum's chairman: "Fred Hartley deserves a Nobel Prize for his courage and determination to ward off an attack. This will send a signal to all future raiders...
Canadian-born Fred Lloyd Hartley, 68, once proclaimed, "My life and my love is Unocal." It is a love affair that goes back to May 1939, when he graduated from the University of British Columbia and came to work at Union Oil, the forerunner of Unocal, as an engineering trainee at the Oleum refinery in San Francisco. He rose quickly through the executive ranks, and has served as chief executive since December...
...toughest quarry to date for Pickens and his partners, who have made assaults on Gulf, Cities Service and Phillips that yielded before-tax profits of about $880 million. Unocal has girded for the assault with a battery of secret antitakeover defenses. Unocal's tough-as- tacks chairman, Fred Hartley, vows he will fight rather than buy off Pickens with greenmail. Stay tuned...
...Phillips Petroleum and Gulf, claimed that he had no present plans to seek control of Unocal. Nonetheless, he added, he was prepared to spend an additional $616 million to buy more of the California firm's shares. A Pickens takeover bid would be strongly opposed by Unocal Chairman Fred Hartley, who has declared that his firm is not for sale...