Word: petroleum
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Dates: during 1980-1989
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...International Trade and Industry can be tough. Ask any American businessman. In fact, ask any Japanese businessman. Taiji Satoh, 31, last year saw that gasoline in Singapore cost far less than it did in Japan, so he signed a contract to import 18,860 bbl. for his Lions Petroleum Co., which is based near Tokyo. But MITI had other ideas. The ministry had previously ruled that only crude oil, not gasoline, may enter Japan. Refining is done domestically. When word of Satoh's purchase got out, MITI Minister Keijiro Murata sent him an "advice" that bluntly warned, "Do not import...
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 hurt both companies, leaving each vulnerable to a takeover...
...name is T. (for Thomas) Boone Pickens Jr. The danger executives see is that he may be out to buy their company, and when Pickens attacks, his prey rarely escapes unscathed. Indeed, a remarkable run of successes has made T. Boone Pickens, 56, president of Amarillo-based Mesa Petroleum, probably the most feared corporate raider on the business scene today...
Last month, in order to end a takeover fight, Phillips Petroleum agreed to buy the 8.9 million shares that Pickens and his partners held in the company. That stands to earn the group an $89 million profit, and started speculation about Pickens' next target. "I think he is going to do the same thing again, and sooner rather than later," says Alan Edgar, an energy analyst for Schneider, Bernet & Hickman, a Dallas securities firm. Pickens himself remains tight-lipped: "We'll look at anything that makes sense," he says. "And that's the end of that conversation...
...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...