Many Winners, Few Losers

No sooner had Standard Oil of California agreed to buy Gulf Oil than Wall Streeters began speculating on who would win, and who would lose, in the $13.2 billion deal. At the top of everyone's winners list was Corporate Raider T. Boone Pickens Jr. and his partners. Together with Pickens' Texas-based Mesa Petroleum, they acquired 13.2% of Gulf stock at an average price of $45 a share, and now stand to reap $760 million from Socal's takeover for $80 a share. Mesa alone will rake in $506 million.

Gulfs top executives can also benefit...

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