Word: buyouts
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...bank's financial innovations were born partly out of necessity. Once an outpost of defunct British investment bank Hill Samuel Ltd., Australian executives carried out a management buyout in the mid-'80s and renamed the bank Macquarie in honor of a 19th century colonial governor. But it wasn't until 1996, when Australia's commodity exports began to result in large budget surpluses for the government, that Macquarie's chief executive, Allan Moss, who had joined the bank in the sleepy Hill Samuel days, saw his big chance. "Bond markets were drying up," recalls Gary Turner, a Sydney-based financial...
...west coast, was purchased by its residents. All but two local houses were near uninhabitable. Now the houses have been renovated, and 25 new jobs have been created, along with a wind farm. "It was like a big cloud lifting from the island," says Willie McSporran, who led the buyout. "One farmer told me: 'I went whistling and smiling to pay my rent, knowing that it wasn't going into the pocket of a laird.'" Last year Assynt's residents followed suit. The place had been stagnating, partly because the Vesteys had an agreement with Britain's Inland Revenue...
...also makes CEO Rick Wagoner's plan fairly straightforward: shrink GM to a defensible market share. Then wait for the retiree costs to go down, around 2010, as GM vets increasingly qualify for Social Security and Medicare. To bridge itself to 2010, GM is shedding factories and workers, offering buyout packages to its entire North American hourly workforce. It is also raising cash by unloading assets like a 51% stake in its GMAC finance arm, scheduled to be sold to a private equity firm, Cerberus Capital, for $14.1 billion. "We've made big moves in every area," Wagoner told TIME...
...Negotiators from the United Auto Workers seem to believe the most militant UAW members will opt for retirement rather than a confrontation over likely future wage cuts at Delphi, which is also covered under the buyout agreement. The buyouts give the union a little more room for bargaining on future concessions, says McAlinden. With the buyout agreement in place, representatives from the UAW and Delphi Corp. are slated to resume discussions on rewriting the bankrupt company's existing contract with the union. GM representatives also are expected to participate in the talks, suggesting that GM plans to keep a close...
...Murphy, the Merrill Lynch automotive analyst, said in a note to investors that a strike remains a very real threat as long there is no agreement on issues beyond the buyout proposal. Delphi chief executive Robert "Steve" Miller is pressing for more concessions and has said he will petition the court next week to set aside the company's existing labor contracts if there is no agreement with the UAW and other unions. Last fall, Miller briefly proposed cutting the wages of Delphi workers by 63%; the union has warned that a strike is possible if the court imposes...