Coastal Corp

American Natural Resources Co. on Monday claimed in federal court that Houston-based Coastal Corp. and former Texas Gov. John B. Connally illegally used inside information to profit on deals in ANR stock. The lawsuit, filed in U.S. District Court in Detroit, alleged that multimillion-dollar stock transactions were made illegally in connection with Coastal's $2.2-billion attempt to win control of ANR.

American Natural Resources Co. directors are considering a "white knight" merger with another company as one way to fight Coastal Corp.'s $2.2-billion attempt to take over the Detroit-based energy company, an official said Friday. Documents filed Thursday with the Securities and Exchange Commission in Washington indicated that ANR is considering the sale or transfer of ANR assets, buying back ANR stock, issuing new stock or making a major change in ANR's capitalization or dividend policy.