Word: houstons
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Dates: during 1980-1989
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...more than $6 billion in what is the biggest acquisition ever of a nonoil firm. Just blocks away, W.R. Grace, the chemical producer and retail-store giant, said it would buy back almost $600 million of its stock in a move to fend off a possible takeover. In Houston, Texaco found itself fighting for its life after a judge affirmed that the third-largest U.S. oil producer would have to pay more than $11 billion in damages for derailing a 1984 merger between Pennzoil and Getty. And in New Jersey, GAF, a middle-size maker of chemicals and building materials...
...Stanley analyst. In a recent study, the Goldman Sachs investment banking firm estimated that corporate takeovers have been responsible for nearly three-quarters of all stock gains since January 1984. Acquisitions have raised the value of target companies' shares an average of 30%. In one mighty leap, stock of Houston Natural Gas jumped from $46.865 to $67.125 in two days last May after an announcement that InterNorth was acquiring the pipeline company...
...world of megadollar mergers, it is perhaps only fitting that court fines are also measured in billions. Three weeks ago, a Houston jury ordered Texaco to pay Pennzoil $10.5 billion in damages for snatching Getty Oil away from Pennzoil in a takeover battle. Judge Solomon Casseb last week was due to review the decision. He could uphold, overturn or reduce the award. Journalists, high-priced lawyers, Wall Street traders and more than 200 onlookers last Tuesday squeezed into a cramped fifth-floor room in the Harris County Civil Courts Building, anticipating a decision. Casseb's verdict was expected...
DIED. Roger Maris, 51, slugging outfielder, mostly for the New York Yankees (1960-66), who in 1961 became the first player to hit 61 home runs in a single season, breaking the record 60 set by Babe Ruth in 1927; of lymphatic cancer; in Houston. As the homers piled up, he grimly endured hostile media attention and threats from fans who did not want the revered Ruth's achievement overturned; Maris' record carries an asterisk, since it was set in a 162-game season, which was eight games longer than the schedules of Ruth...
...quantities of these substances available to researchers. Many physicians believe that IL-2, which has also been genetically engineered, will eventually be used together with some of these other substances. "It may be that for each type of cancer, you need a different combination," suggests Dr. Jordan Gutterman, of Houston's M.D. Anderson Hospital and Tumor Institute. IL-2 may also prove useful in combination with standard chemotherapy or as a follow-up to surgery. Stenzel theorized that after such traditional treatments, IL-2 could "gear up the patient's own cells to scavenge any remaining tumor cells...