The $10 billion battle royal between Texaco and Pennzoil suddenly became more of a free-for-all last week. Robert Holmes a Court, an Australian financier and aggressive corporate raider, informed the U.S. Securities and Exchange Commission that he had bought more than 15.5 million, or 6.4%, of Texaco's 242 million outstanding shares for $541 million "exclusively for purposes of investment." The Australian tycoon said he has no intention of mounting a takeover bid for the third-ranking U.S. oil company (1986 revenues: U.S. oil company (1986 revenues: $32.6 billion). But Wall Street experts believe that whatever Holmes a Court is planning, his purchase...
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