Word: texaco
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Dates: during 2000-2009
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Icahn, 69, hasn't mellowed a bit since his corporate-raider days in the 1980s, when he made millions of dollars buying stock and forcing asset sales, stock buybacks and special dividends by the likes of Texaco and Phillips Petroleum. In the '90s, with notable exceptions like RJR Nabisco (in which he bought a stake and pushed the company to break up), he operated more quietly, in beaten-down areas of the bond market. But now he's back on the big stage rattling major corporations--and loving...
Pennzoil will not get rich right away. On Dec. 5, Judge Solomon Casseb, who presided over the trial, will review the jury's decision. He could uphold, overturn or reduce the award. Texaco has vowed to fight his decision if it does not get a favorable judgment, and the case could eventually go to the Supreme Court. Whatever the outcome, last week's ruling is likely to make companies and corporate raiders more cautious about the tactics used in megabuck merger negotiations. --By Gordon M. Henry. Reported by Dean Brelis/New York and Gary Taylor/Houston
...Roman poet Vergil in The Aeneid called rumor "a huge and terrible monster," and Wall Streeters last week would have agreed. The intense speculation about Pennzoil was part of the high-stakes legal battle the company has been waging with Texaco. In November a Houston jury ordered Texaco to pay Pennzoil $10.53 billion in damages for snatching Getty Oil away in a 1984 takeover battle. After a Houston judge upheld the jury's decision, Pennzoil and Texaco negotiators tried to forge an out-of-court settlement...
Last week, in the midst of those talks, a rumor started that Texaco was offering to buy Pennzoil for $5 billion. If the gossip proved true, the value of each Pennzoil share would instantly have been 105. But instead of creating a gusher of wealth, the rumor turned out to be a dry hole. Pennzoil Chairman J. Hugh Liedtke denied that any merger was imminent, and the stock slumped...
...greater activity both in terms of price and volume by late morning on Tuesday." In Houston, Liedtke first learned of the stock spurt when he received a call in his office atop Pennzoil Place. Said he: "I could only guess that there had been some kind of leak by Texaco about the offer they were going to make." Liedtke later sent a cable to the Securities and Exchange Commission in Washington asking the agency to investigate whether Texaco was responsible for the volatile trading in Pennzoil stock. Texaco Chairman John McKinley called Liedtke's charge "ridiculous," but an SEC probe...