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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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time
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061289
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06128900.004
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1990-09-22
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BUSINESS, Page 51Business NotesCORPORATE RAIDERSHe's Baaaack, With $2 Billion
For more than a year, takeover artist and TWA chairman Carl
Icahn has been missing from the roiling waters of corporate raids,
beached by huge investments in Texaco and USX. But last week
Texaco's largest stockholder sent a quiver through the New York
Stock Exchange when he abruptly unloaded his 17.3% stake, or 42
million shares, for $2.07 billion (his profit: $600 million). The
sale, which ranked as the largest single trade in Big Board
history, was so unwieldy that three investment firms -- Shearson
Lehman Hutton, Goldman, Sachs and Salomon Brothers -- teamed up to
buy the shares. The bombshell transaction freed Icahn to prowl once
more, setting off speculation that he would make another move to
take over USX. Icahn owns some 29 million shares of the
oil-and-steel concern, or 11.4%, worth about $1 billion. But so
far, Icahn refuses to tip his hand.