Word: occidentale
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Dates: during 1980-1989
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Mergers and acquisitions have become commonplace in the U.S. oil business during the past few years, but the drama that unfolded last week as Occidental Petroleum and Diamond Shamrock first announced, then canceled, a $3.3 billion marriage was one of a kind. Negotiated in a rush, then abandoned, the deal...
At a 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...
The agreement at first looked mutually beneficial. Shareholders in Diamond Shamrock (1983 revenues: $4 billion) would gain by a rise in their dividends from $1.76 to $2.50 per share. Shareholders of Occidental (1983 revenues: $19 billion) would see the value of their shares diluted, but they would win in other...
Oil-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...
Atlantic Richfield, Occidental Petroleum, Getty Oil and Union Oil have their headquarters in Los Angeles. At the beach you see seals and oil pumps, as well as men, too dumpy and too old to be making fools of themselves, on roller skates. On the freeway you see an oil pump...