Raiders: Hanging Up the Spurs

Hanging Up the Spurs

Under the banner of Mesa Petroleum, T. Boone Pickens has launched one corporate raid after another and in the process reshaped the American oil industry. He used Mesa as a vehicle to buy huge chunks of such companies as Cities Service, Gulf and Phillips, then sold the stock to other bidders at premium prices. Last week Pickens moved to end the Mesa saga. In December, shareholders will be asked to convert the company from a public corporation into a limited partnership. After that move, Mesa is not expected to make any further takeover attempts.

With the price of petroleum declining, there...

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