Word: petroleum
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Experts note that reserve-rich oil and gas producers like Phillips Petroleum (estimated 1983 revenues: $15.3 billion) and Sun Co. ($15.5 billion) are among the most attractive merger prospects. Reason: big oil firms can acquire energy reserves through mergers far more cheaply than they can find and develop them...
...management is another defense. In Delaware, certain defensive tactics, like issuing rights or options to buy shares of a company, can be approved by directors alone, without a vote by shareholders. Gulf reincorporated in Delaware from Pennsylvania, thus shielding itself at least for now against a raid by Mesa Petroleum's T. Boone Pickens Jr. Many experts question the legality of shark repellents. Dissident shareholders challenge them, charging that they amount to changing the rules in the middle of the game...
When mounted in an airplane, they were supposed to be able to detect undersea oil deposits from altitudes as high as 21,000 ft. Elf-Aquitaine, France's state-owned petroleum company, spent more than $150 million for research and development on the equipment in the 1970s. Yet no oil was ever found. In fact, there is no evidence that ' the expensive devices worked at all. A Belgian count who sold them to Elf has vanished, along with the money. As a result, the leftist government of President Francois Mitterrand is accusing its center-right predecessor of lying...
...million that Nigeria owed to 66 international banks on debts of nearly $2 billion. In the meantime, said Buhari, Nigeria would continue to negotiate with the International Monetary Fund for some $2 billion in emergency loans. Buhari also announced that Nigeria would remain in the Organization of the Petroleum Exporting Countries, and that it would not cut its oil prices sharply in an effort to find a short-term solution to its pressing economic problems. This was good news to other members of OPEC, who had feared that the coup in Nigeria might lead to a new round of price...
That Pennzoil-Getty accord, though, drew the attention of Texaco, based in White Plains, N.Y., which has also been looking for new supplies of crude oil. Texaco's total petroleum pool shrank 25% between 1979 and 1982, to about 1.9 billion bbl. With the addition of Getty's supply, Texaco's reserves would double...