Rumors Fuel Price Jump in Texaco Stock
From Wire Services
NEW YORK —
Texaco Inc. stock jumped $1.625 a share to close at $48.50 on Tuesday amid rumors that the company was about to announce a stock buyback program.
A Texaco spokesman, citing company policy, declined comment on the buyback rumor.
Other rumors circulating included that Kohlberg Kravis Roberts & Co. might be purchasing more shares, that Kohlberg Kravis might be willing to undertake a leveraged buyout of the oil company with management and that Carl C. Icahn might launch a hostile bid for Texaco after losing his proxy fight with the company.
Texaco was the most actively traded issue on the New York Stock Exchange for the second day in a row Tuesday, with 3,970,800 shares changing hands. On Monday, Texaco fell $1.125 to $46.875.
