P.M. BRIEFING : Texaco to Pay 2nd Special Dividend
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NEW YORK — Texaco Inc., the nation’s third-largest oil company, today declared a special $1-billion dividend payable to its shareholders Sept. 18 as a result of the sell-off of companies to meet court-ordered payments in its fight with Pennzoil.
The dividend is the second part of the $2-billion, $8-a-share distribution the company announced in January in its truce with corporate raider Carl Icahn, who sought to take over Texaco after its battle with Pennzoil.
The first special dividend of $4 cash was paid June 19. The second to shareholders of record Sept. 5 will consist of $3 in cash and $1 in preferred stock for each share owned, to be distributed Sept. 18, the company said.
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