Word: oilman
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Before setting out to report this week's cover story on Texas Oilman T. Boone Pickens, Senior Correspondent Frederick Ungeheuer did some preliminary interviews. "Everyone I talked to," he says, "told me, 'One thing about covering Boone--you'll enjoy yourself.' And they were absolutely right." Ungeheuer retraced Pickens' life from its beginnings in Holdenville, Okla., to his early days as a geologist and wildcatter in the Southwest's Anadarko Basin, to Denver, Houston, Wall Street and Amarillo, Texas, his present home and headquarters...
Wall Street has been abuzz for the past month with rumors that a mysterious investor was acquiring a major stake in Unocal (1984 sales: $11.5 billion) and might launch a takeover battle for the 14th largest U.S. oil company. Last week the great accumulator stepped forward. Texas Oilman T. Boone Pickens Jr. said that he and a group of partners have spent $584 million to acquire 13.8 million Unocal shares, or 7.9% of the company's stock...
...many executives, the most pressing concern in 1984 was how to keep their companies from being swallowed by takeovers. To escape a bid by T. Boone Pickens Jr., the Texas oilman, Gulf sold itself to Standard Oil of California for $13.2 billion in history's biggest merger. Late in the year Pickens and two partners bought about 6% of the shares of Phillips Petroleum and announced a bid to take control. After several skirmishes in court, Pickens agreed to sell the shares to an underwriting group organized by Phillips for an estimated profit of $89 million...
...Helms. The Senator charges that his opponent would too willingly resort to tax increases as a means of solving Washington's fiscal problems. For his part, Hunt has sought to portray Helms as part of a right-wing clique that includes Moral Majority Leader Jerry Falwell and Texas Oilman Bunker Hunt and is intent on seizing power in the U.S. The most recent poll by the Charlotte Observer showed Hunt with a slight lead, 46% to Helms...
...assets. In return, the Swiss company paid back about $130 million that was owed to 14 U.S. and European banks. The agreement allowed another Rich firm to sell its 50% stake in TCP Holdings, the parent company of 20th Century-Fox. Rich, a secret partner with Denver Oilman Marvin Davis in the 1981 purchase of the film studio, sold his shares to Davis last week for a reported $116 million...