Word: shamrocks
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Vice President for Government and Public Affairs John Shamrock said the move was "very welcome...
...clear from the start that the "Shamrock Summit" in Quebec City last week would be more show than substance: a piece of political theater staged not so much to solve international problems as to create an atmosphere conducive to seeking their solution. From the moment that President Reagan, sporting a bright green necktie in honor of St. Patrick's Day, stepped off Air Force One at Ancienne Lorette Airport to the final handshake that Reagan and Canadian Prime Minister Brian Mulroney exchanged on the gray stone battlements of the historic Citadel, the meeting was as carefully choreographed as a ballet...
...agreement at first looked mutually beneficial. Shareholders in Diamond Shamrock (1983 revenues: $4 billion) would gain by a rise in their dividends from $1.76 to $2.50 per share. Shareholders of Occidental (1983 revenues: $19 billion) would see the value of their shares diluted, but they would win in other ways. Selling off some of the assets of the smaller Dallas-based Diamond Shamrock could have helped the Los Angeles-based Occidental with its capital needs in such ventures as a new oilfield in Colombia. The cash could also have been used to reduce Occidental's $3.5 billion debt, much...
...would never have worked," said Alan Edgar, an energy analyst for the securities firm of Schneider, Bernet & Hickman in Dallas. "Two ugly ducklings just won't make a swan." Concurred E.F. Hutton's William Craig: "It looked like a terrible deal for Occidental." He pointed out that Diamond Shamrock's principal oil holdings, which are in Indonesia, are being rapidly depleted...
...regained most of their losses. But there can be no doubt that Bricker's stock has fallen. Said one executive who took part in the negotiations: "The way things turned out makes Diamond management look a little erratic." Furthermore, by considering such an arrangement, Bricker posted notice that Diamond Shamrock is for sale. Bricker insisted last week that his company is still "an aggressive pursuer" seeking to acquire another oil company. But in the volatile oil game, he is a hunter who could just end up being bagged...