The High Price of Freedom

Phillips goes deeply in debt to repulse corporate raiders

Joy! It cascaded down Frank Phillips Boulevard and rushed along the corridors of the Jane Phillips Episcopal Hospital and the Phillips Hotel. It spilled over into Frank Phillips Airport and gushed through every Phillips 66 station in town. In Bartlesville, Okla., last week, there was good reason for jubilation. Phillips Petroleum, the eighth largest U.S. oil producer, had succeeded in stopping New Yorker Carl Icahn's bid to take over the company after earlier beating back a similar attempt by Texan T. Boone Pickens. A three-month siege by corporate raiders had ended, and worries for the future were replaced by good feelings....

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