Word: generality
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Dates: during 1980-1989
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...General Manager: Barbara M. Mrkonic...
...Chevron in 1984. The megastakes battle has taken the starch out of corporate chiefs everywhere. After all, if RJR Nabisco, the 19th largest U.S. corporation (1987 revenues: $16 billion), can be taken over by the new breed of dealmakers, is any company safe? Is Du Pont doable? Can General Electric be hot-wired? Worse, must every chief executive view a healthy balance sheet as his worst enemy, a potentially rich source of leverage for a pushy buyer? Concludes James Scott, professor of finance at Columbia Business School: "There is no magic number anymore. There is no safety in size...
...become a huge conglomerate. The companies it controls produce everything from French colonial furniture to dairy products. If KKR were classified as an industrial company, according to FORTUNE magazine, its estimated $38 billion in annual revenues would make it the seventh largest in the U.S., just behind General Electric...
...have earned annual returns of about 30%. Says James George, manager of Oregon's $9 billion public-employee retirement fund, which has invested $640 million with KKR: "The secret of KKR's success is that it makes an awful lot of money for its partners." Agrees Gus Oliver, a general partner in Coniston Partners, another Manhattan investment firm that specializes in takeovers: "KKR's success reflects the compounding effect. Because of its track record, it can attract all the capital in the world. Because of its capital base, it can do any deal in the world...
...have abandoned this axiom, Mikhail Gorbachev has picked it up. In a private White House ceremony not long ago, Soviet Foreign Minister Eduard Shevardnadze handed President Reagan a Russian box. Inside was a glittering gold medal, the first struck in the Soviet Union commemorating the new arms agreement. "The General Secretary wanted you to have it since you are the architect of the INF treaty," said Shevardnadze. Reagan's surprise was as great as his gratification...