Word: petroleum
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More serious still, the pressures induced by the wars in the Middle East have drawn the U.S. and the Soviet Union into dangerously confrontational positions, for the struggles involve not only the warring armies of Islam but future control over the Persian Gulf and the largest known petroleum reserves on earth...
...Disney World. Mohammad and three brothers followed, and all stayed, according to Princess Hend Al Fassi Aziz, 25, because they liked "the climate and the action." Since then they have squandered perhaps $90 million and become a center of the greedy, glitzy action. The blizzard of cash-a petroleum byproduct, of course-has businesses, philanthropies and local governments scrambling for a share...
Megabuck mergers have become almost commonplace on Wall Street in the last couple of years, but last week there was one so huge and unexpected that even the most jaded brokers blinked in surprise. In a startling new twist to an ongoing takeover battle between Mesa Petroleum Co. and Cities Service Co., the Gulf Oil Corp. entered the fray. Gulf, the ninth largest U.S. industrial corporation (1981 sales: $28 billion), announced that it had worked out a friendly takeover deal with Cities Service (1981 revenues: $8.5 billion). Gulf agreed to pay $5.04 billion for 100% of Cities Service...
Gulf's immediate concern last week, though, was tactical. The company wanted to head off aggressive Mesa Petroleum, a company that is little more than one-twentieth Cities Service's size, with 1981 revenues of only $407 million. Therefore, Gulf decided to come in with a $63 per share bid, which was nearly 70% over Cities Service's market price of about $37 per share. It was hoped that such an offer would immediately stop all competition...
...thing about T. Boone Pickens: nobody ever faulted him for thinking small. "We did not come to town on a load of watermelons," declared the chairman of Mesa Petroleum Co. of Amarillo, Texas (1981 sales: $408 million) from his 39th-floor suite atop New York's Waldorf-Astoria hotel. Pickens, 54, had come to New York loaded not with watermelons but with money, $ 1 billion in bank credits to be exact. He intended to use the money to buy up a company nearly 20 times Mesa's size. His target: Cities Service Co. of Tulsa, the nation...