A Shark Loses Some of His Teeth

After a battle royal with Unocal, Pickens is sent packing

To many business leaders, Corporate Raider T. Boone Pickens was beginning to look like an unstoppable threat. Moving with growing audacity, Pickens and his partners had piled up more than $800 million in profits during the past three years in raids on several companies, notably Phillips Petroleum and Gulf. But last week the most feared shark in the corporate sea lost a few teeth. In his first clear defeat, Pickens grudgingly agreed to halt his three-month pursuit of California's Unocal, the twelfth largest U.S. oil company. While Pickens maintains he will at least break even on the deal, analysts expect that...

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