Word: mergers
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Dates: during 1980-1989
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...Board seemed to judge that Pennzoil's combative chairman, J. Hugh Liedtke, 65, had overreached himself in the dispute. It has dragged on since November 1985, when a Texas jury issued a $10.5 billion judgment against Texaco for inducing Getty Oil to break a merger agreement with Liedtke's Houston-based firm. Shortly before the bankruptcy, Texaco filed an affidavit in a Texas appeals court claiming that any settlement over $500 million would trigger defaults. Liedtke, on the other hand, said he turned down a Texaco offer of $2 billion two weeks ago. Liedtke wanted more like $4 billion...
...dispute had taken on historic proportions in November 1985, when a Texas jury issued a $10.5 billion judgment against Texaco for inducing Getty Oil to break a merger agreement with Pennzoil. After more than 17 months of intricate legal maneuvers, the battle came down to a test of strength and nerve between resolute executives at two powerful corporations. In the end, neither side was willing to move far enough from its initial negotiating stance to reach an agreement...
Sticking intently to the one business it knows best, McDonald's has been able to stay clear of Wall Street's merger-and-restructuring mayhem. The single-minded outfit prefers as few distractions as possible from its imperatives of "cleaner, faster, hotter." Diversify? No way, said Chairman Fred Turner recently to a fellow executive. "We have 16,000 rest rooms," noted Turner. "As soon as those are all clean, we'll talk diversification." Considering McDonald's penchant for perfectionism, that time may be a long...
...California-based chip producer, which was to take place for an estimated $225 million. Earlier this month Commerce Secretary Malcolm Baldrige went public with his opposition, hinting at national-security concerns and stressing the need to protect America's enfeebled semiconductor industry. Last week Fujitsu dropped its controversial merger plan even as U.S.-Japanese friction continued to rise over the issue...
...state attorneys general last week voted unanimously to adopt merger guidelines that are stricter than those used by the Justice Department. Many states may now try to block some deals, no matter what the Federal Government says. Still, any legislation and legal action to curb megadeals will take time. Until then, says Wallace Turner, a broker at Manhattan-based Smith Barney, "takeover plays are alive and well." And plenty of stockbrokers, investors, traders and dealmakers intend to get in on the action while it lasts...