Word: texaco
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Dates: during 1980-1989
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...high rollers. The merger boom, however, has provided so many opportunities that many other investors have become involved. By far the biggest and boldest of the arbs is Ivan F. Boesky, 47, who has his own privately held firm. He raked in about $50 million on Texaco's 1984 takeover of Getty and $65 million last year when Chevron bought Gulf. Three weeks ago, Boesky turned a tidy profit when he bought 3 million shares of Holiday Inns at $47.30 just as the company was offering to buy back its stock...
...dealt with covered a wide range of corporate activity, from a call on Emerson Electric to adopt ethical criteria for accepting military contracts: to a demand that Merck & Co. cease making contributrions to charitable organizations and non-profit institutions: to an appeal to Standard Oil of California. Baxter Travenol, Texaco, and Xerox to abide by minimal standard of ethical conduct in their South African operations or withdraw from that country...
...while Pickens is saying little about his plans, Wall Street is buzzing with speculation. Among the most frequently named takeover targets are Mobil, the third largest U.S. energy company, Texaco, the fourth biggest, Sun, which ranks ninth, and Unocal, the twelfth...
...other oil companies last week disclosed major house-cleaning steps, partly the result of an 18-month slide in oil prices. Texaco announced plans to take a $765 million write-off on its fourth-quarter earnings, partly to reflect the decreased value of several underused refineries and oil tankers. California's Chevron, which merged with Gulf this year, said it may have to lay off some 10,000 workers and sell Gulfs Pittsburgh headquarters...
...record $213 million, up 42% from January to June. Those performances came on top of the company's 56% earnings gain, to $1.3 billion, in 1983 over 1982. Sales last year reached nearly $36 billion, more than Du-Pont, General Electric or Gulf, and just behind IBM and Texaco...