Word: merger
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Dates: during 1980-1989
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...meeting in Los Angeles two weeks ago, Occidental Chairman Armand Hammer, 86, and Diamond Shamrock Chairman William Bricker, 52, were discussing Bricker's plans to take over a third oil firm when they began exploring a merger of their companies. As a team of more than 100 investment bankers and advisers labored through the weekend to work out the details, an arrangement took shape in which stockholders in the two firms would trade their shares one for one for stock in a new holding company. Under the terms, according to sources at Occidental, Diamond Shamrock would have become a wholly...
...ventures as a new oilfield in Colombia. The cash could also have been used to reduce Occidental's $3.5 billion debt, much of which resulted from its 1982 acquisition of Cities Service. Wall Street, however, did not buy the idea, and neither did Bricker's board. As soon as merger rumors began to circulate, Occidental stock began to slip in heavy trading, falling from 26 3/4 to 23 1/8 in two days, and eroding the benefits of a merger for Diamond Shamrock's shareholders. Then, when Bricker's directors examined the terms of the merger, they saw that only...
...many executives, the most pressing concern in 1984 was how to keep their companies from being swallowed by takeovers. To escape a bid by T. Boone Pickens Jr., the Texas oilman, Gulf sold itself to Standard Oil of California for $13.2 billion in history's biggest merger. Late in the year Pickens and two partners bought about 6% of the shares of Phillips Petroleum and announced a bid to take control. After several skirmishes in court, Pickens agreed to sell the shares to an underwriting group organized by Phillips for an estimated profit of $89 million...
Creusot-Loire was created in 1970 by the merger of three steel and engineering groups. In 1980 Harvard-educated Didier Pineau-Valencienne took over as chairman and sought to streamline the company's operations. To no avail. In 1983 the group racked up record losses of $200 million...
...that lucky. They are usually condemned to explaining themselves constantly without getting much sympathy: They asked for it, didn't they? Businessmen can decline to talk; in fact, should one truthfully answer a reporter's question and acknowledge that his firm is going to agree to a merger tomorrow, he would be in trouble with the Securities and Exchange Commission. Public figures can evade too: "I think 'No comment' is a splendid expression," said Churchill after learning it on a trip to the U.S. "I am using it again and again...