Pennzoil Seeks Dismissal of Lawsuit: Pennzoil Co....
From Times Staff and Wire Reports
Pennzoil Seeks Dismissal of Lawsuit: Pennzoil Co. has asked a federal judge to dismiss a suit by Chevron Corp. over Pennzoil’s purchase of $2.1 billion worth of Chevron stock. In written motions filed in U.S. District Court in San Francisco, lawyers for the Houston-based Pennzoil argued that Chevron has no evidence on which to base its claims that the Texas company has hostile intentions. Pennzoil disclosed last week that it bought 31.5 million Chevron shares--8.8% of Chevron’s stock--as a long-term investment, and said it had no interest in taking over Chevron. A federal judge temporarily blocked Pennzoil from acquiring any more stock in the San Francisco-based company.
