Word: partnerships
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...plots its defense against Ted Turner, it will undoubtedly take a close look at a ploy that was set in motion last week by Unocal, which is trying to escape a take-over bid by T. Boone Pickens. A partnership led by Pickens, who is chairman of Texas-based Mesa Petroleum, has already bought 13% of Unocal, the twelfth largest U.S. oil company. The Pickens group is now seeking to acquire a majority of the company's stock by offering to purchase it at $54 a share. But Unocal has countered with a new variation of what Wall Street calls...
Unocal's offer is intended to discourage stockholders from selling to Pickens for $54 a share when they might ultimately be able to get $72 a share from the company. Even if Pickens took over Unocal, he would be choking on enormous debt. His partnership is planning to borrow more than $3 billion to buy Unocal shares, and on top of that the company would owe up to $6.3 billion to the holders of the new debt securities...
Late in the week Unocal announced a second strategy to persuade shareholders not to sell out to Pickens. The company said that its executive committee would recommend transferring ownership of 45% of Unocal's domestic oil reserves to a partnership made up of shareholders. That, said Unocal, would give the stockholders tax benefits and probably raise the annual return on their investment...
...Beijing has responded to the new U.S. policy with notable insouciance. "India is already a major country," said Vice Foreign Minister Wu Dawei last week, when asked about the American briefings. Sun Shihai remarked: "If the Bush Administration's partnership with India fosters peace and security in the region, then China will welcome it." And Yan Xuetong, a foreign-relations expert at Tsinghua University, made the obvious?but accurate?point that "being a powerful country is something that only India can do for itself ... the U.S. is not in the business of creating other superpowers...
...balanced his role as the union's champion with his resolve that no Polish blood be spilled. When Jaruzelski, fearing a Soviet invasion, declared martial law in 1981, the Pope mystified the West by disagreeing with U.S. sanctions. But his forbearance allowed him to attain a position of near partnership with the communist regime. Poland rolled back martial law in 1983 and--with the acquiescence of Mikhail Gorbachev--communism itself in April 1989. The largely peaceful transition seems to have influenced Gorbachev's approach to the other seceding East bloc nations and forever linked John Paul's name with communism...