Wall Street has been abuzz for the past month with rumors that a mysterious investor was acquiring a major stake in Unocal (1984 sales: $11.5 billion) and might launch a takeover battle for the 14th largest U.S. oil company. Last week the great accumulator stepped forward. Texas Oilman T. Boone Pickens Jr. said that he and a group of partners have spent $584 million to acquire 13.8 million Unocal shares, or 7.9% of the company's stock.
Pickens, who last year waged fights with Phillips Petroleum and Gulf, claimed that he had no present plans to seek control of Unocal. Nonetheless, he...
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