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...

Want the full story?

Subscribe Now


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!