Word: shamrocked
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Mergers and acquisitions have become commonplace in the U.S. oil business during the past few years, but the drama that unfolded last week as Occidental Petroleum and Diamond Shamrock first announced, then canceled, a $3.3 billion marriage was one of a kind. Negotiated in a rush, then abandoned, the deal hurt both companies, leaving each vulnerable to a takeover...
...meeting in Los Angeles two weeks ago, Occidental Chairman Armand Hammer, 86, and Diamond Shamrock Chairman William Bricker, 52, were discussing Bricker's plans to take over a third oil firm when they began exploring a merger of their companies. As a team of more than 100 investment bankers and advisers labored through the weekend to work out the details, an arrangement took shape in which stockholders in the two firms would trade their shares one for one for stock in a new holding company. Under the terms, according to sources at Occidental, Diamond Shamrock would have become a wholly...
Judge Jack Weinstein hammered out the settlement at federal district court in Brooklyn, N.Y., shortly before dawn of the day that jury selection was scheduled to begin. The seven corporate defendants-Dow Chemical, Monsanto, Uniroyal. Diamond Shamrock, Hercules, T.H. Agriculture and Nutrition and the now defunct Thompson Chemical-denied any liability for the veterans' illnesses: their position was that Agent Orange had not caused the health problems and that they had merely manufactured the defoliant according to the military's instructions. Nonetheless, the companies agreed to place $180 million into a fund that will be used to compensate...
...Irishman worth his bonnet would think of celebrating St. Patrick's Day without a shamrock. Least of all the 700 lads of the 1st Battalion Irish Guards, serving with the British Army of the Rhine in West Germany. Since 1965, the happy task of bringing a bit o' the green to the boys of the brigade has gone to Elizabeth, the Queen Mother. This year was no exception. To the stirring strains of the regimental band's bag pipes, fifes and drums, the Queen Mum presented her troops with fresh sprigs of three-leaf clover, which they...
Besides Dow, which was the Government's main supplier, the defendants in the Agent Orange case include the Monsanto Co. of St. Louis, the Diamond Shamrock Corp. of Dallas, Uniroyal Inc. of Middlebury, Conn., and T.H. Agriculture and Nutrition Co. Inc. of Kansas City. The case, now in pretrial hearings, is not expected to go before a jury until next year. "It's been all cloak and dagger," says ex-Navyman Sutton, "but I think the truth is finally coming out." No doubt, but some truths may continue to prove elusive: while scientific studies have shown that dioxin...