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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