Word: icahn
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Dates: during 1980-1989
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...traffic rose another 15% or so. Wall Street analysts expect the 22 major U.S. carriers to earn operating profits of as much as $3.5 billion this year, far exceeding the previous record of $2.4 billion in 1984. Even TWA, a perennially struggling carrier now run by Corporate Raider Carl Icahn, is expected to enjoy a banner year. "The airlines are living in the best of all possible worlds," declares John Pincavage, who follows the industry for the Paine Webber Group investment firm...
...which already has a deal in the works to buy Pacific Southwest Airlines for $400 million. The combination of the three carriers would create the seventh largest U.S. airline, controlling about 7% of domestic traffic. But USAir is itself the target of a $1.6 billion bid by TWA. Carl Icahn, the corporate raider who became TWA chairman last year, may envision a TWA-USAir- Piedmont-PSA aggregation that would become the third largest airline, with 16% of the market. Icahn, who controls 15% of USAir's stock, suffered at least a temporary setback last week when a federal judge barred...
...announced two weeks ago that it would cut about 1,000 employees, or more than a quarter of the Chicago headquarters staff, as part of a program to save $100 million in 1987. Battered USX, which lost $1.83 billion in 1986 and fended off the predations of Raider Carl Icahn, last week said it would shut down four steel plants and lay off about 4,000 of its 22,000 active steelworkers. Something of a storm was stirred up last week when the New York Times reported that CBS, which has already pruned some...
...when its leading company becomes embroiled in a takeover fight. As headquarters for Phillips Petroleum (1986 revenues: $10 billion), Bartlesville, Okla. (pop. 35,000), paid its own price after the eighth largest U.S. oil company fought off takeover raids by T. Boone Pickens Jr. in 1984 and by Carl Icahn the following year. Though Phillips kept its independence, it took on some $4.5 billion in new debts and was forced to shed $2 billion in assets in a subsequent reorganization. Partly as a result, Phillips employment in Bartlesville, which had peaked at 9,000 in 1981, was slashed...
...past forays, Icahn has sometimes walked away with hefty greenmail profits. In a greenmail deal, a raider sells his shares in a target company back to the firm for a premium not available to other shareholders. If that was Icahn's plan in this case, Roderick refused to play along. During his takeover effort, the financier paid an average price estimated to be somewhere between $22.50 and $26 a share for 29.3 million shares of USX. After climbing to 28 3/4 during the takeover battle, the company's stock closed last week at 22 7/8. That means that Icahn could...