Pennzoil Sues Over UPR Takeover Bid

Pennzoil Co. fired its first volley in the legal battle over Union Pacific Resources Group Inc.’s $6.4-billion hostile takeover bid, filing a federal suit that claims its unwanted suitor hasn’t provided full information on the negative impact of the offer. When it made its bid Monday, UPR filed lawsuits in three states that challenge Pennzoil’s extensive takeover defenses and seek to block potential legal challenges to its takeover filings. Pennzoil’s lawyers responded with claims that UPR documents filed with the Securities and Exchange Commission didn’t disclose the “substantial” bite the proposed buyout would take from UPR’s earnings “for many years.” Pennzoil’s suit, filed in Wilmington, Del., asks the U.S. District Court to expedite Pennzoil’s access to “full information” from UPR so it can decide whether to accept the offer. Union Pacific Resources declined to comment on the suit.