June 5, 1985 |
Unocal, fresh from its battle with Texas oilman T. Boone Pickens Jr., on Tuesday sued four insurance companies for allegedly canceling liability insurance policies on Unocal's directors the day after Pickens disclosed his 7.9% interest in the Los Angeles-based oil company. In a lawsuit filed in Los Angeles Superior Court, Unocal claims that the insurance companies' actions were illegal and fraudulent.
December 3, 1985 |
Fred L. Hartley, the feisty and outspoken 68-year-old chairman, chief executive and president of Unocal, said Monday that he is relinquishing the title of president to Richard J. Stegemeier, a Unocal senior vice president who also becomes chief operating officer. The move, approved Monday by Unocal's board, elevates Stegemeier, 57, to the No. 2 post at Unocal and positions him as the likely successor to Hartley, who hasn't announced any retirement plans.
April 3, 1985 |
Unocal Corp. said Tuesday that it has changed the quorum rule for its annual meeting in response to a takeover threat by an investor group led by Texas oilman T. Boone Pickens Jr. It is the second bylaw change in less than a month triggered by the threat of Pickens' group, Mesa Partners II, to take over or restructure Unocal, parent of Union Oil Co. of California. The Pickens group has spent about $1.1 billion accumulating 13.6% of Unocal's 173.7 million common shares.
April 9, 1986 |
Unocal is trying to pare its work force with an early retirement offer that is expected to attract about 1,000 employees, the company confirmed Tuesday. Unocal has also implemented a hiring freeze. Despite the oil industry's retrenchment after oil prices began to decline in 1981, Unocal's worldwide employment has remained at about 20,000 since that time. The sharp drop in prices since November prompted the current belt-tightening.
June 20, 1987 |
Unocal said Friday that it has dropped plans for a major modification of its oil-shale operations in western Colorado and won't use a controversial $500-million federal subsidy earmarked for the project. Company officials said they decided the changes, designed to capture and recycle excess heat from the current mining and oil-producing complex, would have cost about $352 million--or 35% more than expected. They also said they were not sure the technology would work.
March 13, 1985 |
In an escalation of a takeover battle that has yet to be formally announced, Unocal Corp. on Tuesday sued its own longtime bank over loans the bank made to Unocal's undeclared suitor, Texas oilman T. Boone Pickens. In addition, Fred L. Hartley, chairman of the Los Angeles-based company, sent a letter to Federal Reserve Chairman Paul A. Volcker blasting the "junk financing" being used to feed "a takeover frenzy that strikes at the economic well-being of this country."