Word: checchi
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Dates: during 1980-1989
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...grip of takeover fever. After fending off bids from Los Angeles oilman Marvin Davis, the management and employees of No. 2-ranked United in Chicago are attempting to take their company private for an estimated $6.7 billion. And last June an investor group led by Los Angeles financier Alfred Checchi paid $3.6 billion for No. 4-ranked Northwest Airlines. Of the four largest U.S. carriers, only No. 3, Delta, has yet to take a direct hit in the takeover wars. And its turn may come...
...takeover may help inflame growing U.S. anxiety about foreign investment in American companies. Last week the U.S. Department of Transportation persuaded Alfred Checchi, who led a $3.6 billion buyout of Northwest Airlines, to reduce the participation by KLM Royal Dutch Airlines in the deal from $400 million to $175 million. DOT officials said they would also scrutinize plans by British Airways to invest $750 million in the $6.8 billion employee purchase of United Airlines. Transportation officials said one concern is that foreign investors might share inside knowledge about U.S. airlines with their own governments, thus undercutting U.S. negotiations with other...
...managers would get 10% and investor British Airways would have 15%. Beverly Hills billionaire Marvin Davis, who had bid $6.19 billion for UAL, said he would match the management group's offer if that package were to fail. In Washington a takeover group headed by Los Angeles investor Alfred Checchi outlined its $3.65 billion purchase of NWA, the parent of Northwest Airlines, in a voluminous filing with the Department of Transportation, which is reviewing the deal...
...million. Davis picked up another $50 million by buying the Beverly Hills Hotel from the family of insider trader Ivan Boesky in 1986, then turning around and selling it to the Sultan of Brunei. Even Davis' "dry hole" takeover attempts often pay off. While Los Angeles investor Alfred Checchi won Northwest with a $4 billion bid, for example, Davis pocketed an estimated $30 million by selling his shares after the price...