T. Boone Pickens, a celebrated corporate raider and energy industry magnate who ...
- T. Boone Pickens, a celebrated corporate raider and energy industry magnate who built an empire out of an initial $2,500 investment, died on Wednesday at age 91.
Pickens closed his BP Capital energy hedge fund after suffering a stroke in late 2016 and due to the effects of a fall in mid-2017 that required hospitalization. Pickens’ commitment to energy projects “will have a lasting impact on the state of Texas, and the United States of America,” added Texas Governor Greg Abbott.
Pickens had gained notoriety in the 1980s as a consummate dealmaker who launched audacious bids to take over giant oil companies including his former employer Phillips Petroleum Co, as well as Gulf Oil Corp and Unocal Corp with leveraged buyouts.He failed on all the big takeover bids but made millions of dollars in the process. With Gulf Oil, his bid drove the nation’s fifth largest oil company into a record $13.
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