Texaco stock closed up a healthy 5 1/16 Friday amid rumors thecompany is a takeover target in the sights of Chevron. Texacoclosed at 67 ¬ on the New York Stock Exchange on volume more thantwice the average. The stock’s 52-week range is 44 9/16 to 65 7/8.Chevron shares closed down 2 15/16 at 94 7/8. The stock’s 52-weekrange is 73 to 104 15/16. A Texaco spokesman could not be reachedat press time, and Chevron declined to comment on the takeoverrumor.
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PennzEnergy, the exploration and production company spawn of therestructuring of Pennzoil and Quaker State, could be an attractivetakeover target for a large independent producer or integratedenergy company, according to an analyst who follows the company.
Amway Corp. and Columbia Energy are taking their retail energyalliance to Ohio this month, three months after testing energymarketing strategies in Georgia. Georgia residents who have chosenColumbia Energy through Amway distributors can save as much as 18%per year on the cost of natural gas, according to Columbia.
With its California power marketing arrangement with Enron nowhistory, Amway Corp. has hooked up with Columbia Energy, asubsidiary of Columbia Energy Group, to market gas and electricityto residential and small business users, first in Georgia and thennationwide.
El Paso Energy, Enron, Peoples Energy and Northern BorderPipeline have formed a joint venture to target prized Midwest gastransportation markets left unguarded when TransCanada Pipelinesand Northern States Power put the Viking Voyageur project on holdearlier this year.