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August 11, 1987 | From Reuters
Goodyear Tire & Rubber Co. agreed Monday to sell its Celeron Corp. oil and gas unit to Exxon Corp. for $650 million to reduce debt incurred in fighting off last year's takeover bid by Sir James Goldsmith. Celeron's holdings in California and adjacent state and federal waters will boost Exxon's proven reserves by the equivalent of more than 100 million barrels of oil. Houston-based Exxon is the world's biggest oil company.
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BUSINESS
August 11, 1987 | From Reuters
Goodyear Tire & Rubber Co. agreed Monday to sell its Celeron Corp. oil and gas unit to Exxon Corp. for $650 million to reduce debt incurred in fighting off last year's takeover bid by Sir James Goldsmith. Celeron's holdings in California and adjacent state and federal waters will boost Exxon's proven reserves by the equivalent of more than 100 million barrels of oil. Houston-based Exxon is the world's biggest oil company.
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BUSINESS
November 5, 1986
Goodyear Tire & Rubber said it was contacting potential buyers for its Celeron Corp. subsidiary. The company said it was taking the action in response to a takeover threat from Anglo-French financier Sir James Goldsmith. Analysts estimate that the oil and gas assets might fetch up to $1.7 billion.
BUSINESS
January 20, 1987
Akron, Ohio-based Goodyear Tire & Rubber Co.'s restructuring by selling assets to thwart a takeover attempt may result in the firm's having a slightly better-looking balance sheet than expected, a spokesman said. Chairman and Chief Executive Robert E. Mercer said the company hoped to raise $3 billion from the sale of assets. Goodyear so far has only agreements to sell $1 billion worth of assets, consisting of farm and resort property near Phoenix and its Aerospace and Motor Wheel subsidiaries.
BUSINESS
November 12, 1987
Robert W. Milk, an executive vice president of Goodyear Tire & Rubber Co., has been named president and chief executive of the company's Celeron Corp. subsidiary. The company said Carl S. Quinn will continue as chairman of Celeron until he takes early retirement Jan. 1. He has served as chairman and chief executive of Celeron since October, 1986.
BUSINESS
March 24, 1998 | From Bloomberg News
Independent energy producer Plains Resources Inc. of Houston agreed Monday to buy Goodyear Tire & Rubber Co.'s oil pipeline unit for $420 million in cash, boosting its ability to move oil from California to its trading operations in Oklahoma. Plains said it will buy Goodyear's All American Pipeline System, a 1,233-mile pipeline that connects oil fields in California with West Texas, as well as Goodyear's Celeron Gathering Corp. and Celeron Trading & Transportation Co. units.
BUSINESS
March 9, 1988 | From Reuters
Exxon Corp., watched by Wall Street for signs of what it will do with its huge cash hoard, said Tuesday that it may spend more in 1988 on oil and gas acquisitions than the $1.8 billion it spent last year. But top executives of the world's largest oil company, which reported just over $3 billion in cash and marketable securities in its most recent quarter, said few businesses interested them at the moment. "We could afford to buy anything but it has to fit. . . .
BUSINESS
November 7, 1986 | Associated Press
Goodyear Tire & Rubber stepped up its restructuring effort Thursday, saying that it plans to repurchase as much as 18.3% of its stock. The company also said it might divest its aerospace and motor-wheel subsidiaries, and it already has said it plans to sell its Celeron Corp. energy unit. Goodyear launched the restructuring last week after a group led by Anglo-French financier Sir James Goldsmith announced that it owned 11.
BUSINESS
October 10, 1989 | PATRICK LEE, Times Staff Writer
A consortium of oil companies led by Chevron U.S.A. sued the California Coastal Commission for permission to transport oil by tanker from Chevron's operations at Point Arguello to its refinery in El Segundo, the company said Monday. The suit is the latest action by the company in its decade-long effort to produce oil from a 300-million-barrel field off Santa Barbara County, a project that the company estimated has cost the consortium about $2 billion without producing a drop of crude.
BUSINESS
November 7, 1986 | JAMES FLANIGAN
Can there be method to this madness? Sir James Goldsmith, leading a group of international financiers, says he wants to take over Goodyear Tire & Rubber Co. and improve its management performance, when there is no evidence that Goldsmith has any ability to run an industrial company and when Goodyear, which has bested competition here and abroad to stay No. 1 in world tire making, would seem to have no need for lessons in management. Still, in response to Goldsmith and his associates buying 11.
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