Word: texaco
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...extraordinarily patient Australian financier, Holmes a Court has built Bell Group, a $2 billion corporate empire that reaches from oil and gas interests near Tasmania to theaters in London's West End, by capturing troubled companies one at a time. Now the raider is circling around Texaco, and no one is entirely certain of his intentions...
Holmes a Court, 49, made an initial move three months ago, after Texaco was forced into bankruptcy proceedings by its debilitating legal battle with Pennzoil. He announced that he had paid $541 million for 6.4% of Texaco's 242 million outstanding shares "exclusively for purposes of investment." Wall Street experts have wondered ever since whether he might have more than a passive holding in mind. That speculation grew last week as Holmes a Court, who now holds 9.6% of Texaco's shares, said he is seeking U.S. Government approval to increase his stake to as much...
Holmes a Court's accumulation of Texaco's stock may be nothing more than a shrewd gamble on the firm's long-term health and its ability to reach a settlement with Pennzoil. Looking at the company's substantial oil and gas reserves and other holdings, most financial analysts think that Texaco's shares are severely undervalued at last week's closing price of 45 1/8. In the past, Holmes a Court has ended raids on target firms when the price was right. Last August, for example, he said he was seeking a 15% stake in USX. Then, as takeover...
Riding the bull: investors learn how to play a volatile market. -- An Australian raider closes in on Texaco. -- Probing Delta' s foul...
...Some Texaco creditors are said to hope that an eventual Holmes a Court takeover of the company would force a settlement of its long legal war with Houston-based Pennzoil. That struggle has raged since November 1985, when a Texas jury slapped Texaco with a $10.5 billion fine for interfering with a merger agreement between Pennzoil and Getty Oil, a judgment that finally led to Texaco's bankruptcy filing in April. On the other hand, Holmes a Court's purchase may mean that he believes a settlement between the two sides is in the wind, a development that would push...