Word: texaco
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Dates: during 1980-1989
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Meanwhile, takeover rumors swirled about another of Big Oil's Seven Sisters last week: Texaco, which only last month completed its $10.1 billion acquisition of Getty Oil, the biggest buy-out on record...
...investor group headed by the Bass family, the billionaire Texas oilmen who already control 9.8% of Texaco stock, reportedly lined up an additional $160 million of financing. That sparked rumors that the Bass brothers were joining forces with Pennzoil, the Houston oil company that was spurned in its bid for Getty, to make an assault on Texaco, the eventual winner...
Those unconfirmed rumors helped push Texaco's stock up $5, to a twelve-month high of $47. Speculation in Gulf stock was equally brisk. Its price climbed $6.88, to close the week...
...Reagan Administration has approved some of the biggest corporate mergers in history: Du Pont and Conoco, U.S. Steel and Marathon Oil and, tentatively, Texaco and Getty. Last week, in a stunning reversal, it blocked the planned marriage of LTV and Republic Steel. Proposed in September, the deal would have created the second-largest steel company in America, behind U.S. Steel. Assistant Attorney General J. Paul McGrath, named two months ago to succeed William Baxter as the Justice Department's antitrust chief, said the merger would violate the Clayton Act, which bans excessive concentration in any industry...
...Wall Street, investors greeted last week's Texaco and Royal Dutch offers with delight. Shell Oil stock jumped 9½ points a share in one day, to 53½, on news of the Royal Dutch bid, while Getty climbed 3¼, to 120. The excitement quickly spread through other energy stocks, sparking a rally among the issues...