Texaco Attempted A Hostile Takeover. Got Instant Karma.

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Do you remember a company called Texaco? Back in the mid-1900s, Texaco was one of the biggest names in the oil industry. In fact, during their peak, they were a top ten company and they were even vying to overtake Exxon to become the world’s largest company. However, one greedy takeover would end up destroying the company altogether. This cursed takeover goes back to a company called Getty Oil which was also a massive player in the oil industry. After the founder of Getty Oil passed away, his family got a fortune and they would eventually decide to sell the company. Initially, they had a complete acquisition setup with Pennzoil and had even agreed in principle. However, when Texaco offered more money, Getty Oil would decide to sell to Texaco. This didn’t sit well with Pennzoil though as they would turn around and successfully sue Texaco for the entire cost of the acquisition which was a massive $10.53 billion. Texaco attempted to appeal this verdict, but after years of courtroom losses, Texaco had no choice but to pay up the fee which drove them bankrupt. If Texaco hadn’t attempted this hostile takeover, it’s very possible that it would still be a leading oil brand like Chevron or Exxon. However, their greed drove them to bankruptcy and today they’re a brand that’s slowly being forgotten. This video explains the story of Texaco’s nasty takeover of Getty Oil and how this acquisition destroyed Texaco.
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Timestamps:
0:00 - Hostile Takeovers
2:50 - A Family Feud
6:07 - Gordon Takes Over
8:56 - Texaco Steps In
12:08 - Pennzoil Gets Revenge
15:18 - Texaco Takeaway
Thumbnail Credit:
Island Energy Services
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Resources:
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Disclaimer:
This video is not a solicitation or personal financial advice. All investing involves risk. Please do your own research.
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