Rich, Discreet Suitors Wanted for Plain, Ageing Gulf Oil
Article Abstract:
Gulf Oil Corp. will imminently be sold to the highest bidder. The takeover bid by T. Boone Pickens of Mesa Petroleum has been defeated. Buyers must raise $13 billion to be considered. Gulf shares may be sold at $80 each. Trust busters will probably not attempt to block the takeover of Gulf. The Mellons who originally owned Gulf, now have only five per cent of its shares. Pickens and co-investors own 13.2 per cent of Gulf and will make profits of $760 million if shares are sold at $80.
Publication Name: Economist
Subject: Economics
ISSN: 0013-0613
Year: 1984
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The London Stockmarket Swings to the Lawson Beat
Article Abstract:
The presentation of the budget by British Chancellor of the Exchequer, Nigel Lawson, caused fluctuations in trading on the London Stock Exchange. The abolition of the national insurance surcharge and the reduction in corporate taxes resulted in temporarily higher share prices. Heavy selling, particularly of shares in banks and insurance companies, followed the next day. Service companies and retailers are likely to profit by tax reforms. The bond market received a slight boost.
Publication Name: Economist
Subject: Economics
ISSN: 0013-0613
Year: 1984
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Japan's Lazarus
Article Abstract:
A court battle is being fought between Hisao Tsubourchi, the head and largest shareholder in Sasebo Heavy Industries, a Japanese shipbuilding company, and its second biggest shareholder, Nippon Kokan. The dispute concerns Tsubourchi's demand to buy 21.8 million Sasebo shares at their 1978 price, which Nippon Kokan deposited with him as collateral. Nippon Kokan does not wish to sell. Tsubourchi's financial rescue of Sasebo, which began in 1978, is described.
Publication Name: Economist
Subject: Economics
ISSN: 0013-0613
Year: 1984
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