Word: mergers
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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...
...that activity has attracted the official attention of Washington. A House subcommittee headed by Democrat Timothy Wirth of Colorado will open hearings this week on the merger mania in the oil industry and its impact on the U.S. economy. Heading the list of witnesses: T. Boone Pickens...
...scourge of the oil patch. Shareholders of Mobil (1984 sales: $54.6 billion), which has been rumored for months to be a ( Pickens target, last week approved a variety of so-called shark repellents designed to ward off corporate raiders. Among the measures was a provision requiring that an unwanted merger be approved by an 80% vote...
...Gulf battle made Pickens a Wall Street hero; investors who bought Gulf around the same time as he did earned millions in profits. Arbitragers, the professionals who invest in the stock of takeover targets in order to sell it for a higher price once the merger takes place, walked away with a $300 million windfall. When some 50 of the speculators attended a dinner for Pickens last June at the Regency Hotel on Manhattan's Park Avenue, New York Mayor Edward Koch gave him a crystal replica of the city's symbol, the apple, in honor of the $50 million...
...arbs, however, can lose fortunes in an instant if a merger agreement falls apart. These dramatic wins and wipeouts have earned arbs a reputation as Wall Street's most daring investors. Says Daniel Tisch, an arb for Wall Street's Salomon Brothers: "You can't be 100% sane to sit here and, based on 20 words on the Dow Jones wire, risk $10 million to $15 million...