With deregulation, globalization, and the emergence of junk bond financing, the 1980s turned into the era of dealmaking. It seemed like no company was immune from hostile takeovers. And, one of the key players in this era was George Keller, who died this week. He was 84 years old.

Of course, his marquee deal happened in 1984, when he was the chairman of Standard Oil Co. of California. At the time, rival Gulf Oil was involved in a nasty hostile takeover with T. Boone Pickens (who had the support of Mike Milken's junk bonds). Gulf thought such a deal would be harmful for the long-term and result in massive layoffs. So, why not find a white knight?

Enter Keller.

Basically, he saw an opportunity to boost Socal's reserves significantly. What's more, the price tag looked fairly good (when crunching the numbers): $13.3 billion. The end result was a company called Chevron (NYSE: CVX).

Yes, it was considered a staggering deal. But it was forward-looking. Since then the oil industry has undergone tremendous consolidation -- and the Gulf deal became a model on how to do it.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Streetsmart Guide to Short Selling: Techniques the Pros Use to Profit in Any Market. He is also the founder of BizEquity, a valuation website.