June 15, 1987 |
Pennzoil Co. is considering a restructuring that would split up the company into four separate, publicly traded businesses, a spokesman said Friday. Confirming remarks made by Pennzoil Chairman J. Hugh Liedtke in an interview with Dow Jones & Co., Pennzoil spokesman Mickey Gentry said: "Liedtke isn't saying he's going to do it. It's just a possibility."
September 11, 1997 |
A federal judge in Texas refused to halt Union Pacific Resources Group Inc.'s $6.4-billion hostile bid for rival Pennzoil Co. U.S. District Judge Terry Means said Pennzoil's motion seeking to block the bid was rendered moot by Union Pacific's release this week of confidential documents outlining strategy behind its unsolicited takeover offer. Union Pacific offered $84 a share for 50.
November 4, 1987 |
Top executives of Texaco Inc. said Tuesday that they will ask the U.S. Supreme Court to review a Texas Supreme Court decision not to hear Texaco's appeal of a multi-billion dollar judgment won by Pennzoil Co., calling the Texas decision "incomprehensible" and "incredible." Texaco will ask the nation's highest court to review a 1985 Texas district court decision ordering Texaco to pay Pennzoil Co. $10.
November 14, 1987 |
Creditors of Texaco Inc., which is in bankruptcy proceedings because of the $10.3-billion lawsuit won by Pennzoil Co., are working on a plan that would reduce the amount of money that could be paid, sources close to the case said Friday. "The plan is not a total settlement, but it limits the ultimate recovery (by Pennzoil) if the judgment against Texaco is affirmed," a source close to the creditors said.
December 27, 1990 |
Pennzoil Co. said Wednesday that it had increased its stake in Chevron Corp. after the Internal Revenue Service granted a five-month extension for Pennzoil to invest proceeds from its 1988 court settlement with Texaco Inc. Pennzoil spent $2.1 billion of a net $2.6-billion settlement in 1989 to purchase 31.5 million common shares of Chevron, giving it 9% ownership in the company. In a filing with the Securities and Exchange Commission in Washington, Pennzoil said that as of Wednesday it owned 32.
November 28, 1987 |
Texaco Inc.'s unsecured creditors proposed Friday that Pennzoil Co. accept less than half the $10.3 billion it won in a landmark judgment against the oil giant, even if Texaco loses a Supreme Court appeal. The creditors, who fear the original judgment would wreck the company and imperil their chances of getting repaid, also proposed that Texaco give Pennzoil an unspecified amount of money even if it wins the appeal.
November 12, 1997 |
Pennzoil Co. shares plunged on news that Union Pacific Resources Group threatened to end its $6.4-billion takeover bid unless Pennzoil enters into talks or proves it's worth the money. Union Pacific Resources cited Pennzoil's recent disappointing drilling results off Azerbaijan and the continued refusal of Pennzoil's board to negotiate in threatening to end its $84-a-share bid Monday, a week before its tender offer is set to expire. Pennzoil responded that it had no plans to negotiate.
November 12, 1998 |
Pennzoil Co. said it has reached a $6.75-million settlement with current and former African American employees, who sued the company in a complaint that sought class-action status and alleged racially discriminatory employment practices over a four-year period. The lawsuit, filed in U.S. District Court in Houston, was brought by 11 named plaintiffs on behalf of all salaried African Americans who had worked for Pennzoil between Aug. 16, 1994, and Aug. 17, 1998.
April 7, 1989 |
With an agreement from Pennzoil Co. to pump $18 million into its operation, Jiffy Lube International Inc. has received a 90-day grace period from its lenders to work out its financial problems, the company announced Thursday. The company also said it had laid off 55 employees Wednesday. "I am very pleased and thankful that the lenders and the suppliers are cooperating," said W. James Hindman, president, chairman and chief executive of Jiffy Lube. "It's a much needed boost."
December 30, 1987 |
Pennzoil Co. expects to pay $400 million in lawyer fees and other expenses in the protracted battle with Texaco Inc., which has agreed to make a $3-billion settlement to the smaller oil company. J. Hugh Liedtke, chairman of Pennzoil, told shareholders in a letter that the company anticipates a "pretax net recovery after all expenses incurred in connection with the litigation and the bankruptcy procedures of in excess of $2.6 billion."