Texaco stock, which had opened at $41.50, closed at $42.625, up $1.875 for the day.

Allowing for debts on the Texaco stock, he has close to $2.5 billion at hand.

The newspaper also said that someone, possibly the same party, was accumulating Texaco stock.

Texaco stock gained 87.5 cents, to $39, in heavy trading topping two million shares.

At the latest count, close to 300 institutions hold almost 38 percent of Texaco stock, or about 93 million shares.

The announcement touched off heavy trading in Texaco stock.

For corporations that own Texaco stock, it is a different story.

Texaco stock rose 5/8, to 34 1/2, on volume of 2.8 million shares.

When the standstill agreement was announced a month and a half ago, Texaco stock promptly plunged $4.25 a share, to $50.25.

But the investment firm no longer owns any Texaco stock.