Word: petroleum
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...many business leaders, Corporate Raider T. Boone Pickens was beginning to look like an unstoppable threat. Moving with growing audacity, Pickens and his partners had piled up more than $800 million in profits during the past three years in raids on several companies, notably Phillips Petroleum and Gulf. But last week the most feared shark in the corporate sea lost a few teeth. In his first clear defeat, Pickens grudgingly agreed to halt his three-month pursuit of California's Unocal, the twelfth largest U.S. oil company. While Pickens maintains he will at least break even on the deal, analysts...
...credit rating. To support the massive debt, the company will probably have to trim back its oil exploration and perhaps even sell some assets to raise cash. Nonetheless, Unocal management saw the battle with Pickens as almost a moral duty. Many other corporate leaders agreed. Declared Armand Hammer, Occidental Petroleum's chairman: "Fred Hartley deserves a Nobel Prize for his courage and determination to ward off an attack. This will send a signal to all future raiders...
...share, vs. Icahn's hostile bid of $18. Icahn, who amassed most of his 9% Uniroyal stake in April, withdrew his offer, promising not to increase his holdings for six months. It is not the first time Icahn has been foiled. He made an unsuccessful pass at Phillips Petroleum two months ago, and in the past has been fended off in raids on such companies as Marshall Field, Dan River and Saxon Industries. But in each of those ventures, Icahn walked away with a tidy profit...
...drastic response to a flagging market. Citing continuing declines in petroleum prices, Atlantic Richfield, the sixth largest U.S. oil firm, last week unveiled a sweeping reorganization program. The Los Angeles-based concern (1984 sales: $25 billion) announced that it will shed all its refining and marketing operations east of the Mississippi, including 1,100 gas stations. The company also intends to pare down spending on exploration by 50% and abandon its copper and molybdenum businesses. More dramatically, ARCO's board of directors voted to increase significantly the firm's long-term borrowing. As a result, total indebtedness could reach more...
...takeover skirmishes last week added fresh fuel to the controversy. In Texas, T. Boone Pickens, chairman of Mesa Petroleum, announced an $8.1 billion offer for Unocal, the twelfth largest U.S. oil producer. Pickens and his partners, who announced in February that they were investing in the California company, now hold more than a 13% interest and are seeking majority control...