Word: petroleum
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Dates: during 1980-1989
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Pickens, the chairman of Mesa Petroleum (1984 sales: $413 million), an oil and gas producer with 650 employees, has gone eyeball to eyeball with the biggest, strongest and sometimes least loved of all U.S. firms, oil companies, and forced them to blink. Indeed, just the fear of Pickens has sent energy giants scrambling to merge with one another. Says Joseph Fogg III of the investment banking firm Morgan Stanley: "You would have to go back to the past century, to people like Jay Gould and Jim Fisk, to find someone who has had an equivalent impact on a major American...
...maverick Texan was waging war on two major fronts last week. He was acquiring additional stock in California's Unocal (1984 sales: $11.5 billion), the 14th largest U.S. oil company, in which he already owns 16.9 million shares, or 9.6%. Meanwhile, shareholders of Phillips Petroleum, which tangled with Pickens in 1984, met in Bartlesville, Okla., to vote on a plan that would give Pickens and his partners an $89 million profit on an aborted takeover battle. Rejection of the plan would open the way for Rival Raider Carl Icahn to continue his pursuit of the company. But it could increase...
...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...
Pickens, who last year waged fights with Phillips Petroleum and Gulf, claimed that he had no present plans to seek control of Unocal. Nonetheless, he added, he was prepared to spend an additional $616 million to buy more of the California firm's shares. A Pickens takeover bid would be strongly opposed by Unocal Chairman Fred Hartley, who has declared that his firm is not for sale...
...Phillips Petroleum, meanwhile, was still feeling the effects last week of its encounter with Pickens. Financier Carl Icahn, who opposes a December agreement that ended the Pickens-Phillips fight, was cleared by a court ruling to proceed with his own takeover bid for the Oklahoma company...