Word: goldmans
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...investment firms have incentives to improve, not destroy, the businesses they buy. Wincor Nixdorf is a case in point. The German firm, which makes ATMs for banks, was singled out by the SPD's Müntefering in his "locust" critique because of the profits that its investors, KKR and Goldman Sachs, made when they sold out. The two firms acquired Wincor Nixdorf from Siemens in 1999 for $709 million and by the beginning of the year had sold their entire stake, starting with a public offering in 2004. KKR and Goldman haven't disclosed details, but people familiar with...
...underestimated just how seriously its outside directors took their role. When it became clear at the meeting in late March that the board had been left mostly in the dark about CNOOC's plans for Unocal, a few outside directors, including former Swiss ambassador to China Erwin Schurtenberger and Goldman Sachs Asia vice chairman Kenneth Courtis, rebelled, forcing Fu to pull back just as Operation Treasure Ship was about to set sail. Ever since, CNOOC has had to play catch-up against Chevron in the fight for Unocal...
...CNOOC's court, and Fu, by all accounts, was confident as his board gathered in Hong Kong. He did not see the rebellion coming, says a banker close to CNOOC. Three key outside directors?former Shell Chemicals CEO Evert Henkes, former Swiss ambassador Schurtenberger, and Courtis of Goldman Sachs?all raised pointed questions at the meeting. According to sources with knowledge of the meeting, Schurtenberger?presciently, as it turned out?questioned whether the company was prepared for what was likely to be a hostile U.S. political reaction to the deal. Henkes wondered about the debt load that CNOOC would have...
...explanatory for the most part, not strongly endorsing a deal, but not entirely negative, either." Fu put the matter to the board again. Courtis, who had not resigned, was now in a difficult position. Advisers to CNOOC have said he still had reservations about the deal. But his employer, Goldman Sachs, had been hired by CNOOC as its investment adviser and stood to reap a significant reward for its efforts only if the deal went through. When it came time for another board vote, Courtis recused himself. Henkes, critically, did not oppose it, and neither did anyone else...
...CNOOC was back in the hunt, with a gold-plated army of advisers behind it. Besides Goldman Sachs and JPMorgan, the company had hired Akin Gump Strauss Hauer & Feld, one of Washington's pre-eminent lobbying firms, as well as the same media consulting company that has worked for George W. Bush's two presidential campaigns. Finally, with his board's backing, Fu on June 22 announced its $18.5 billion all-cash bid for Unocal. "It's the superior offer and I believe we'll prevail," he told TIME in early July. His advisers insist that's not bravado...