University Daily Kansan, January 24, 1985
NATION AND WORLD
Page 10
Analyst says Phillips may be vulnerable
By United Press International
BARTLESVILLE, Okla. — Phillips Petroleum Co., in thwarting a takeover bid by T. Boone Pickens last month, may have become vulnerable for another such bid, a Wall Street analyst said yesterday.
"Philips made itself very vulnerable to a takeover by agreeing to the deal with Pickens and has very little ammunition left with which to fight another hostile bid," said Joseph of Tovey Co. investment bankers.
Another Wall Street analyst said there were rumors that Stearns & Co. was buying Phillips stock with both hands for New York financier Carl Icahn, who has participated in many takeover attempts. Analysts said there is speculation Icahn is part of a group that includes Pennzoil Co
chairman J. Hugh Liedtke and speculator Ivan Boesky.
Icahn was unavailable for
comment, and Liedtke would not
communicate.
TOVEY SAID THE move by the Icahn group, which analysts said may have bought up 2 million Philips might be a way of thwarting Pickens.
"Many people in the industry would be delighted that someone had beaten Boone at his own game," Tovey said. "A lot of guys on Wall Street are infuriated by the Phillips deal because they lost money on it."
On Dec. 24, Phillips worked out a $6.2 billion reorganization plan that stopped Pickens' attempted takeover. The agreement netted Pickens and his partners about $88 million but has not been implemented because it must be approved by Phillips stockholders and the company's board of directors.
Pickens could not be reached for comment in Amarillo, Texas, the headquarters for his Mesa Petroleum Co. Alan Cecil, corporate communications spokesman for Mesa, said the company has been about the heavy trading of the stock.
PHILLIPS OFFICIALS said they could not explain the surge.
Phillips stock was the most active on the New York Stock Exchange and to 48 $\frac{1}{2}$ Volume in the first 90 minutes was more than 1 million shares.
On Tuesday, 2.58 million shares of Philips stock was traded. Normal activity is about 400,000 shares traded daily.
A source told United Press International that two blocks of 700,000 shares of Phillips stock were purchased Tuesday shortly before trading closed.
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The outbreak of the intestinal disease was first detected about a month ago in the Harbo refugee camp near Kambolcha in the region, about 150 miles northwest of the capital of Addis Ababa.
ADDIS ABABA. Ethiopia — Cholera is killing up to 60 famine victims daily at a relief camp in northern Ethiopia and could threaten hundreds of thousands of lives if the epidemic is not quickly contained, Western relief workers said yesterday.
The London Times, in a report yesterday, placed the Hardeo death at 52, saying 529 of the camp's 5.200 refugees had cholera.
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CHOLELA HAS ALSO been detected in 10 other relief camps in the Walla area as well as Sidam province, south of Addis Ababa. A threat involving nearly 8 million Ethiopians with death by starvation.
desperate, but the death toll is stabilizing now. The figure is about 60 per day at Harbo," a Western relief worker said.
"The situation there now is
fatal within seven days without treatment.
Cholera, characterized by severe diarrhea and vomiting, is spread rapidly by contaminated water. Doctors say it can prove
Diplomats said the Marxist Ethiopian government had been reluctant to acknowledge the cholera outbreak publicly but had taken steps to combat the epidemic with the help of Western relief agencies.
By United Press International
A well and pump being used at Harbo was designed for fewer than half the people currently sheltered there, and people have been drinking from a brackish river nearby, the Times said.
Cholera killing 60 victims a day at Ethiopian famine relief camps
THE GOVERNMENT has placed an armed guard at the river and has chlorinated its waters.
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