Word: westerns
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Dates: during 1960-1969
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Acquisitive as his company is, President David N. Judelson has insisted that Gulf & Western Industries wanted no part of any corporation "where the management doesn't welcome our entrance." On that basis, Gulf & Western agreed last month to sell its 33% interest in Allis-Chalmers Manufacturing Co., which had resisted the very idea of a merger. That done, Gulf & Western promptly showed that its policy can change along with the prize. Last week the company was involved in a struggle to acquire Sinclair Oil, which vowed to "vigorously oppose" the move and made its point even clearer by agreeing...
...Gulf & Western, the stakes were obviously worth fighting for. Under Judelson and Chairman Charles Bluhdorn, who put the firm together a decade ago and who remains very much the man in charge, Gulf & Western has become a $1.3 billion-a-year conglomerate by buying up some 70 companies in fields as diverse as metals (New Jersey Zinc) and movies (Paramount). But it has never been in the oil business. For its part, Sinclair is the nation's tenth biggest oil company; its 1967 sales were $1.5 billion and its profits $95.4 million. Because it has a relatively small amount...
Production Binge. Gulf & Western's bid came in the form of a tender offer involving securities that it valued at more than $1.4 billion. Sinclair President O. P. (for Orlando Pendleton) Thomas' counterproposal of a get-together with Atlantic Richfield called for an exchange of stock worth slightly more than the Gulf & Western package. The extra money was not Thomas' main motive. In a letter to shareholders, his company questioned Gulf & Western...
Final Decisions. Gulf & Western remained unimpressed by the merits of the Atlantic Richfield deal. Instead of giving up the fight, it called a special meeting of its directors, who decided to go ahead with the tender offer for Sinclair stock. It was only fitting, argued one Gulf & Western official, that Sinclair shareholders should make "the final decision" about their company's merger possibilities...
...aircraft) have increased substantially, and recently foreign orders for durable goods have picked up. The threat of a mid-December dock strike has prompted many U.S. exporters to ship early. For the longer run, Washington is counting on a slowdown in domestic inflation, combined with an expansion of Western Europe's economy, to lift overseas demand still further...