Word: socal
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...While his huge budget deficit is the most obvious culprit in tightening up the loan market, $12 billion and $13 billion loans to oil companies to engage in utterly unproductive takeovers further restrict available credit with nothing to show afterward except inflated (or bruised) corporate egos and wealthy lawyers. (Socal's bankers and attorneys walked off with $60 million when the dust settled...
...addition, when the Texaco-Getty and Socal-Gulf deals go through--Reagan's Justice Department is unlikely to require more than that they unload some of their departments to make the companies seem less, huge--fully 57 percent of the nation's oil reserves will be controlled by just eight companies, and their hold on refining and distributing will be strengthened...
Gulf was scared, so scared that, to fend off Pickens, it went public on February 24. As the oil world shook itself out, three buyers emerged by the March 14 purchase deadline--Arco at $72, Socal at $80, and an extremely complicated offer worked out by some Gulf executives with the help of a financial house which specializes in this kind of corporate jihad. Although the in-house offer would have reaped the most--$87 per share with plans to spin off the least profitable branches of the company to increase its overall attractiveness--it was too complex...
...reason for the unbridled growth in what might be called the takeover industry has been attributed to oil companies choosing the easy way out. Instead of exploring for oil and gas they capture another company, along with its ever more lucrative reserves. In buying Gulf, for instance, Socal spent $13.2 billion but got $15.4 billion worth of reserves after discounting for the cost of buying the company. Texaco got $10.4 billion in reserves when it snatched Getty...
...would, indeed, be very surprising if Reagan's Justice Department requires more than token adjustments in the new $50 billion Socal-gulf company. Reagan can claim no significant anti-trust prosecutions during his tenure--despite the mergers that have resulted in 30,000-mile railroad giants like Norfolk Southern and Southern Pacific-Santa Fe, and the recent rumblings in the steel industry where U.S. Steel, Republic Steel and LTV Corporation, three of the five biggest steel companies in the country, are planning mergers and acquisitions...