Business: Magna Charter

The troika conglomerate

Nearly every businessman believes that new corporate conglomerates went out with the miniskirt. Not Raymond Mason. Says the 53-year-old chairman of the Charter Co., who has hitched together an unlikely troika of oil, insurance and communications enterprises into the 74th firm on the FORTUNE 500 list: "You get safer by getting bigger."

Charter is moving from big to magna. It has agreed to buy the ailing Commonwealth Oil Refining Co., which operates a 160,000 bbl.-per-day Puerto Rico refinery, for $650 million. And last week it was completing plans to build a...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!