Word: mesas
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Under the banner of Mesa Petroleum, T. Boone Pickens has launched one corporate raid after another and in the process reshaped the American oil industry. He used Mesa as a vehicle to buy huge chunks of such companies as Cities Service, Gulf and Phillips, then sold the stock to other bidders at premium prices. Last week Pickens moved to end the Mesa saga. In December, shareholders will be asked to convert the company from a public corporation into a limited partnership. After that move, Mesa is not expected to make any further takeover attempts...
...shark in the corporate sea lost a few teeth. In his first clear defeat, Pickens grudgingly agreed to halt his three-month pursuit of California's Unocal, the twelfth largest U.S. oil company. While Pickens maintains he will at least break even on the deal, analysts expect that the Mesa Petroleum chairman and his partners will actually lose as much as $100 million. More important, the episode has broken Pickens' momentum and sent a discouraging word to other raiders...
When Washington first imposed a trade embargo on Cuba in October 1960, it hoped to force Havana to abandon Marxism. Today, nearly 25 years later, the Cuban government is still Marxist, and it is one of Moscow's closest allies. The example is mentioned by Carmelo Mesa-Lago, director of the Center for Latin American Studies at the University of Pittsburgh, as evidence that trade sanctions are at best only temporarily damaging. In the long run, he believes, the embargo against Nicaragua "will not work. History shows it did not work in the case of Cuba...
...million) is smaller than Cuba (pop. 10 million) and has fewer resources and is a less developed economy. Unlike Cuba, Nicaragua still has a large private sector (at least 60% of its economy), which is likely to be severely hurt by the U.S. embargo. That is one reason, warns Mesa-Lago, why sanctions may serve to rally some Nicaraguans around the very government that Washington finds so repugnant...
...takeover skirmishes last week added fresh fuel to the controversy. In Texas, T. Boone Pickens, chairman of Mesa Petroleum, announced an $8.1 billion offer for Unocal, the twelfth largest U.S. oil producer. Pickens and his partners, who announced in February that they were investing in the California company, now hold more than a 13% interest and are seeking majority control...