Word: profit
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Dates: during 1980-1989
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...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 Pickens' potential gains by pushing up the value of the Phillips shares that he owns. The result of the vote...
...Gulf Oil, Cities Service and others as independent companies. Pickens last year forced Gulf (1984 sales: $28.4 billion), the fifth largest U.S. oil company, to 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...
...proclaiming that he could run the corporation, which invariably dwarfs Mesa in size, better than its current officers. After an often bitter battle, Pickens' harried and outmaneuvered prey frequently sells out for a high price to a friendly rescuer. That leaves Pickens without an acquisition, but with an immense profit on his shares of the company...
...Returning to his office, Pickens gave notice, packed up and drove away. "It was the best advice Lynn ever gave me," he says of the episode, "though she was shocked when I told her I had taken it." Using the $1,300 he received in severance pay from Phillips' profit- $ sharing plan, Pickens bought a 1955 Ford station wagon large enough to hold his exploration gear...
...Service, an Oklahoma firm whose sales were nearly 20 times Mesa's. It proved badger tough, however, and nearly succeeded in swallowing Mesa by bidding for its stock before finally calling it quits and selling out to Occidental Petroleum. That hectic skirmish brought the Mesa group a $31.5 million profit and taught it some lessons. "Mesa had insufficient financial muscle throughout that fight," says Assistant Vice President Sidney Tassin. "We had a good idea but not enough money to back...