Word: texaco
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Dates: during 1980-1989
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Plenty of obstructions have been facing Texaco (1983 revenues: $41.1 billion), which is battling to acquire Getty Oil in what would be the biggest corporate takeover ever. Last week Texaco sweetened its bid from $125 a share to $128 a share. That boosted its offer to more than $10 billion and won over Getty heirs who had earlier raised legal objections. Meanwhile, Pennzoil, which had opened the bidding for Getty with an offer of $112.50 a share, now wants $14 billion in damages if the Texaco deal goes through...
...study to be released as a book in March, comes after more than a year of research by Eckstein's Lexington consulting firm, Data Resources Inc. Nine major corporations sponsored the study- AT&T, BEthleham Steel, Burlington Industries, DuPont, Eastman Kodak, Ford, Goodyear, John Deere, and Texaco...
That Pennzoil-Getty accord, though, drew the attention of Texaco, based in White Plains, N.Y., which has also been looking for new supplies of crude oil. Texaco's total petroleum pool shrank 25% between 1979 and 1982, to about 1.9 billion bbl. With the addition of Getty's supply, Texaco's reserves would double...
...Texaco Chairman John K. McKinley decided to top Liedtke's bid. First Boston, a New York City investment banking firm, advised McKinley on the price to propose. Texaco offered $125 a share. On Friday, Getty's board approved the deal in a hastily scheduled conference telephone call...
...telex to the Getty board threatening to sue the company for breaking the earlier agreement and promising to exercise a stock-purchase clause entitling Pennzoil to purchase 8 million Getty shares at $110 each. That would net Pennzoil a profit of some $120 million at the price Texaco is offering...