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Getty Oil Company was an American oil marketing company with its origins as part of the large integrated oil company founded by J. Paul Getty. History [ edit ] A Getty roadside gasoline station in Cheshire, Connecticut (2011)
- 1942; 81 years ago
- Getty Oil Building, 3810 Wilshire Blvd, Los Angeles, California
- 597 (2012)
- Oil and gas
- Death and Opera
- Meeting with T. Boone Pickens
- Battle in The Inner Sanctum
- Enter A Black Knight and Boesky
- Double Cross
- Triple Cross
- The Bottom Line
When American industrialist and Getty Oil founder J. Paul Getty died in 1976, his company was left in financial disarray. Getty Oil was family-owned, but the Getty family members fought among themselves as often as they worked together. With the help of the Getty Oil board of directors, J. Paul Getty's youngest son, Gordon Getty, was chosen as a co...
While Getty wanted to control Getty Oil, he showed no desire to participate in actual day-to-day operations. This became evident when he decided to help the board find a solution to its biggest problem: Getty Oil's stock price was in the doldrums. The company had oil in the ground worth around $100 a share, but the company struggled to keep its sto...
In July 1983, Goldman Sachs suggested that Getty Oil initiate a $500 million a year stock repurchase plan. On paper, it was a reasonable conclusion, but in reality, it turned the board and Getty against each other. A buyback would give Getty control of the company by increasing his 40% to a controlling interest of more than 50%. At this point, the ...
To counter the board's team, Getty turned to Martin Siegel at Kidder and Peabody. The three parties—the board, the museum, and Gordon Getty—were convinced to sign a one-year standstill agreementthat precluded any of them from selling their shares. On the day the agreement was to be ratified, the board waited for Getty to leave the room and then ann...
The board wanted to form an alliance with Getty against the Pennzoil bid. They knew they were doomed, so they wanted to buy back shares and then auction the company to the highest bidder. In a board meeting attended by all the lawyers and investment bankers, the museum acted as an arbitrator with Williams refusing to sell to anyone unless the board...
Liedtke was told $120 would close the deal, but he only raised the offer to $112.50 with an additional $5 in a few years. The agreement was made in principle, and all parties had agreed in principle, stating to that effect. Meanwhile, Boisi found his gray knight in the form of TexacoChair John K. McKinley. Texaco's management contacted Boisi to ask...
The Getty Oil-Texaco deal stands as one of the ugliest takeover battles in Wall Street history. Despite that, the result benefited all of Getty Oil's shareholders. That wasn't the true end of it, however, as Pennzoil filed suit and eventually was awarded $11 billion in fines and damages. Pennzoil further pursued Texaco into bankruptcy, and the bitt...
J. Paul Getty. Jean Paul Getty Sr. ( / ˈɡɛti /; December 15, 1892 – June 6, 1976) was an American-born British petroleum industrialist who founded the Getty Oil Company in 1942 and was the patriarch of the Getty family. [1] A native of Minneapolis, he was the son of pioneer oilman George Getty. In 1957, Fortune magazine named him the ...
- Businessman
- George Franklin Getty, Sarah Catherine McPherson Risher
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Jun 21, 2022 · In 1986, 10 years after the death of his father, Gordon sold Getty Oil to Texaco for $10 billion. Gordon had four sons, as far as was known to the outside world. In 1999, however, the news emerged ...
- michael.hiltzik@latimes.com
- Business Columnist
Mar 6, 2024 · J. Paul Getty Museum. J. Paul Getty (born December 15, 1892, Minneapolis, Minnesota, U.S.—died June 6, 1976, Sutton Place, Surrey, England) was an American oil billionaire reputed to be the richest man in the world at the time of his death. He owned a controlling interest in the Getty Oil Company and in nearly 200 other concerns.
- The Editors of Encyclopaedia Britannica
Apr 2, 2014 · (1892-1976) Who Was J. Paul Getty? J. Paul Getty was introduced to the oil industry through his father's investments in the early 20th century. He took over his father's company in 1930, and by ...
In J. Paul Getty …a controlling interest in the Getty Oil Company and in nearly 200 other concerns. Read More; Pennzoil Company. In Pennzoil Company …Getty interests agreed to merge Getty Oil Company with Pennzoil, but two days later this agreement was breached by the announcement of another agreement, selling Getty Oil to Texaco Inc. Pennzoil’s subsequent lawsuit, which was pursued ...
