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I've had great success using colons (:) and would definately recommend using them as you described in your 2nd option. Or...
search term : brief sentence restating your term
Also, instead of "keyword phrase ¦ company name" another option might be "keyword phrase by Company" or "keyword phrase from Company" or something like that.
People have to actually decide to click on your link before the placement brings any benefit. I believe that one of the most important factors in deciding which link to click to (of the top few) is the quality of the title. The spammier-looking the title, the less likely I, at least, am to click on it.
A site that has a title of "widgets ¦ blue widgets ¦ green widgets ¦ CHEAP widgets" is very unlikely to be a candidate for viewing.