Pennzoil Sues Texaco for Interfering in Getty Oil Deal
At a glance:
- Series: Great Events from History II: Business and Commerce Series
- Categories: Economics
- Subcategories: Business, Court Cases, Rulings, Appeals, Energy, Fuel, Power Sources
- Curriculum: American History 1951-present
- Geographical Location: Texas
- Date: February 8, 1984
Article abstract: Pennzoil brought suit against Texaco for interfering with its takeover of Getty Oil Company.
Summary of Event
On December 28, 1983, Pennzoil Company launched a bid of $100 a share for approximately 20 percent of the stock of Getty Oil Company, which was considered to be “on the trading block” as a result of feuding among the principal shareholders. Its stock ownership was divided among the J. Paul Getty Museum, which owned roughly 12 percent, and a trusteeship that controlled 40 percent. The trusteeship itself was divided into three...
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