Texaco delays London move

June 26, 1992|By Bloomberg Business News

WHITE PLAINS, N. Y. — WHITE PLAINS, N.Y. -- Texaco Inc. told its employees #F yesterday that it will delay indefinitely moving its London offices to Olympia & York Development Ltd.'s troubled Canary Wharf project.

Texaco said it decided to postpone the move because of questions surrounding Canary Wharf's future. The project and its developer, Olympia & York Developments Ltd. of Toronto, are operating under bankruptcy protection.

The oil company's Texaco Ltd. subsidiary had planned to move all 1,000 employees at its headquarters in the London suburb of Knightsbridge to Canary Wharf Aug. 17, said Sandy Walkington, a Texaco spokesman in New York.

"In the meantime, we will continue to occupy our current premises in Knightsbridge," Mr. Walkington said.

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