Word: richfield
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Dates: during 1980-1989
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...worst of the past decade (examples: Mobil's $1.86 billion purchase of Marcor, the owner of Montgomery Ward; Standard Oil of Ohio's $1.77 billion acquisition of Kennecott). Many firms are now unloading some of their unattractive operations. Exxon is trying to sell its office-products business, and Atlantic Richfield recently took a $785 million write-off on its stake in Anaconda...
Some industry experts, however, speculated that Pickens was actually hoping Phillips would recruit a so-called white knight, perhaps Shell Oil or Atlantic Richfield, to take over the Oklahoma company. He would then sell his shares to the acquiring company at a premium. That happened last year when Chevron bought Gulf, after Pickens had made an unwelcome takeover bid. He and his partners made more than $400 million on that deal...
...Atlantic Richfield, Occidental Petroleum, Getty Oil and Union Oil have their headquarters in Los Angeles. At the beach you see seals and oil pumps, as well as men, too dumpy and too old to be making fools of themselves, on roller skates. On the freeway you see an oil pump in a bend where, elsewhere in the nation, there would most likely be a fruit stand. There is a camouflaged oil pump on the campus of Beverly Hills High School. Just as you begin to understand there is sensible, sound, big commerce in this vast polyglot a sign looms...
...willingness of bankers to arrange the huge Texaco loan brought a new company into the Pickens vs. Gulf fight. Atlantic Richfield, moving to increase its oil reserves, offered Gulf $70 a share in mid-February...
...course, the deal is creating losers as well. Atlantic Richfield, for example, outbid by Socal for Gulfs stock, will have to pay several million dollars in fees to the 61 banks that raised $12 billion to support the Arco offer. Setbacks have also befallen investors, many of whom began selling their Gulf shares last week as the market turned against them, fearing that the merger would be blocked. Said one speculator: "We got hurt two days in a row on this. What's the sense of being right if you're losing money...