Company in a 2001 fraud scandal

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ENRON.

Last seen on: Universal Crossword – Sep 17 2021 n

Random information on the term “ENRON”:

InterNorth Inc. was a large energy company headquartered at the Northern Natural Gas Building in Omaha, Nebraska, in the United States, specializing in natural gas pipelines but also a force in the plastics industry, coal and petroleum exploration and production. It was a predecessor to Enron Corporation.

InterNorth was founded in 1931 as Northern Natural Gas Company. Over the years, it acquired several other subsidiaries, such as Northern Liquid Fuels Company, Northern Petrochemicals Company, Northern Propane Gas Company, Northern Border Pipeline Company, and People’s Natural Gas. In 1979, Northern Natural Gas reorganized as a holding company, InterNorth. They operated the largest natural gas pipeline in North America (approximately 36,000 miles of pipeline).

In 1980-81, the company launched an unsolicited takeover bid for Crouse-Hinds Company, which wound up being acquired by Cooper Industries the following year. The company continued to pursue expansion opportunities. In 1983, the company purchased the Belco Petroleum Company, a Fortune 500 oil exploration and development company founded by Arthur Belfer; and, in 1985, reached a deal, seen by some as overpriced, to acquire the smaller competitor Houston Natural Gas Company (HNG). InterNorth was an arbitrage target and acquired HNG as a poison pill.

ENRON on Wikipedia