Word: texaco
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Dates: during 1980-1989
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Fears of a free fall in crude prices resounded last week throughout the oil industry. Said Gulf Chairman James E. Lee: "I think we are kind of on a razor's edge." Texaco, Quaker State and Standard Oil of Indiana lowered the rates they would pay for some types of U.S. crude by as much as $2 per bbl., to $26. The trend may force two big producers, Britain and Nigeria, to mark down the official price of their crude. Said Constantino Fliakos, oil analyst at Merrill Lynch: "If that happens, OPEC ultimately would suffer and have to lower...
...lose their jobs, the top men too often capitulate and offer to buy back the greenmailer's stock at a premium price in exchange for a promise that the raider will not go after them again, at least in the near future. In cases just this year, Texaco bought back 9.8% of its shares for $1.28 billion from the Bass family, Warner Communications paid Rupert Murdoch $180.6 million for his 7% interest in the firm, St. Regis purchased for $160 million the 8.6% of its firm held by Sir James Goldsmith, and Quaker State Oil Refining gave Steinberg...
...hold the line." When Pennzoil offered $112.50 a share for Getty Oil last January, Boisi was convinced the bid was too low. So beginning at 7:30 one morning, he phoned six U.S. oil companies and the government of Saudi Arabia to find another buyer. Within 48 hours, Texaco responded with a higher offer. When Pennzoil, advised by Lazard Frères, was slow to close the deal, Texaco moved in. The final price for Getty: $10.1 billion, or $128 a share...
...merger price, and are paid regardless of whether a company's takeover battle plan is successful, or even how much work the banker does. Gulf will pay Merrill Lynch and Salomon Brothers $46 million in fees when it is bought by Socal. In the Getty-Texaco merger, Goldman Sachs, representing Getty, did most of the work and First Boston "just carried Texaco's baggage," according to one participant. Still, First Boston will receive $10 million from Texaco...
...coaxial morass again with its biggest cable venture ever. The company paid $202 million for the U.S.'s most popular cable service, the Entertainment and Sports Programming Network, a 24-hour channel with 30 million subscribers. ABC already owned 15% of ESPN, and will buy the remainder from Texaco, which is conducting a garage sale of unwanted properties obtained when it bought Getty...