Word: khashoggi
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...happens, Saudi Arabian Entrepreneur Adnan M. Khashoggi, 39, who has offered $14 million for a controlling one-third interest in San Jose's First National Bank, derives his millions not from oil but from a worldwide conglomerate which deals in real estate, autos and the construction of military installations in Saudi Arabia. Khashoggi, whose father was personal physician to the late King Saud, was educated at a California college (Chico State) in the 1950s, and already controls two local banks in the state. But he was prepared for trouble when he made his bid in November...
...picking up. Kuwait emerged last week as the purchaser of up to 14.6% of Daimler-Benz AG, the producer of Mercedes vehicles. The deal cost the Kuwaitis $300 million to $400 million, by far the most ever spent for a stock acquisition by a Middle Eastern nation. Adnan Khashoggi, 39, a U.S.-educated Saudi whose non-oil business empire already includes two small California banks, recently offered $14 million for a one-third interest in the First National Bank of San Jose. Armand Hammer, chairman of Occidental Petroleum Corp., disclosed last week that "one very prominent Arab," whom he would...