Word: mergers
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Dates: during 1980-1989
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...have been stunning. They have resulted in the end of Gulf Oil, Cities Service and others as independent companies. Pickens last year forced Gulf (1984 sales: $28.4 billion), the fifth largest U.S. oil company, to sell out to No. 4 Chevron ($29.2 billion) for $13.2 billion in the biggest merger in business history. The Pickens group's profit on that deal: $760 million. Earlier, it earned $31.5 million by driving Cities Service ($8.5 billion before its 1982 merger) into the arms of Occidental Petroleum...
...remaining 15% is owned by Conrail employees.) The $1.2 billion purchase would unite two of the three dominant eastern railroads and forge the largest U.S. freight line, with 34,000 miles of track. The third big railroad, CSX, which runs the Chessie and Seaboard lines, complained that the merger would create a giant that would flatten rivals like pennies on a rail. Some companies who ship by train agreed, contending that fewer railroads would mean higher rates. Railroad unions declared that the consolidation would cost thousands of jobs...
...what House Masters and others who recall his successes mention foremost is Fox's establishment of the current form of the House system, quite a contrast to the dissociated setup of three-and four-year Houses and a mixed-class Yard left over from before the Harvard-Radcliffe merger...
...industry insiders said the aborted merger was a bad deal from the beginning. "It would never have worked," said Alan Edgar, an energy analyst for the securities firm of Schneider, Bernet & Hickman in Dallas. "Two ugly ducklings just won't make a swan." Concurred E.F. Hutton's William Craig: "It looked like a terrible deal for Occidental." He pointed out that Diamond Shamrock's principal oil holdings, which are in Indonesia, are being rapidly depleted...
...days following the cancellation of the merger, Occidental shares regained most of their losses. But there can be no doubt that Bricker's stock has fallen. Said one executive who took part in the negotiations: "The way things turned out makes Diamond management look a little erratic." Furthermore, by considering such an arrangement, Bricker posted notice that Diamond Shamrock is for sale. Bricker insisted last week that his company is still "an aggressive pursuer" seeking to acquire another oil company. But in the volatile oil game, he is a hunter who could just end up being bagged...