Word: icahn
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...Carl Icahn juggles Texaco, TWA and USX. -- Hypermarkets have it all -- at a discount. -- Can an elephant learn to dance...
...helped force both sides to talk was TWA Chairman Carl Icahn, better known as a raider than a mediator. In November, Icahn became Texaco's largest shareholder by gaining control of 12.3% of its stock. Then he began a round of shuttle diplomacy between Liedtke and Kinnear. Icahn knew that his holdings, plus a 2% stake in Pennzoil, would surge in value if a deal was struck. Sure enough, as word of the settlement leaked last week, Texaco shares rose 8%, to 38 1/2, while Pennzoil stock jumped...
...bringing the antagonists to terms was no easy task. At one point, Icahn urged Kinnear to offer a $4 billion settlement. "You have to do something," Icahn said. "What are you going to do?" Kinnear calmly responded, "I don't know. I think I'm going fishing." Icahn retorted, "Well, when you come back, they may have taken your company away from you." Said Kinnear coolly: "Well, they won't get my fishing pole." A day later, Icahn was back to report that he had persuaded Liedtke to settle for $3.5 billion. Kinnear still rejected the deal. "You've already...
...only Icahn but a committee of Texaco shareholders that pushed the two companies into agreeing on a $3 billion figure. The settlement will remove the dark cloud of uncertainty that has hovered over Texaco and enable it to emerge from bankruptcy. As for Pennzoil, the money may encourage the company to go shopping for smaller oil firms. The biggest winner of all may be Texas Lawyer Joseph Jamail, who will reportedly get a $600 million cut for leading Pennzoil's attack against Texaco...
...biggest corporate brawl in history could be nearing an end. Thanks in part to the negotiating skills of TWA Chairman Carl Icahn, a settlement may be at hand in the epic legal battle between Texaco and Pennzoil. Since 1985 Texaco has been appealing a court order to pay Pennzoil $10.5 billion in damages as a result of a merger dispute. In April, Texaco filed for bankruptcy protection. Enter Icahn, who three weeks ago became Texaco's largest stockholder by boosting TWA's holdings to 12.3%. Icahn helped forge a deal between Pennzoil and a committee representing Texaco's shareholders...