Word: texaco
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Dates: during 1980-1989
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...anchorage off Fujairah was considered a safe haven from the seven-year-old war between Iran and Iraq until the U.S-operated supertanker Texaco Caribbean hit a mine Monday in the 35-square mile area...
...extraordinarily patient Australian financier, Holmes a Court has built Bell Group, a $2 billion corporate empire that reaches from oil and gas interests near Tasmania to theaters in London's West End, by capturing troubled companies one at a time. Now the raider is circling around Texaco, and no one is entirely certain of his intentions...
Holmes a Court, 49, made an initial move three months ago, after Texaco was forced into bankruptcy proceedings by its debilitating legal battle with Pennzoil. He announced that he had paid $541 million for 6.4% of Texaco's 242 million outstanding shares "exclusively for purposes of investment." Wall Street experts have wondered ever since whether he might have more than a passive holding in mind. That speculation grew last week as Holmes a Court, who now holds 9.6% of Texaco's shares, said he is seeking U.S. Government approval to increase his stake to as much...
Holmes a Court's accumulation of Texaco's stock may be nothing more than a shrewd gamble on the firm's long-term health and its ability to reach a settlement with Pennzoil. Looking at the company's substantial oil and gas reserves and other holdings, most financial analysts think that Texaco's shares are severely undervalued at last week's closing price of 45 1/8. In the past, Holmes a Court has ended raids on target firms when the price was right. Last August, for example, he said he was seeking a 15% stake in USX. Then, as takeover...
Riding the bull: investors learn how to play a volatile market. -- An Australian raider closes in on Texaco. -- Probing Delta' s foul...