Word: kiewit
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Employees at Peter Kiewit Sons, a construction giant in Omaha, Nebraska, build tunnels, off-shore drilling platforms and hydroelectric-power dams. A lot of these folks can now afford to have things built for them--say, a new house or a swimming pool. Some 1,000 Kiewit workers and retirees reaped an estimated $3.3 billion windfall last week when the long-distance phone company WorldCom agreed to acquire MFS Communications, a provider of local phone service, for about $12.4 billion in stock. The deal completes WorldCom's strategy of becoming a vertically integrated phone company that will challenge the Baby...
What's the Kiewit connection? The employee-owned Kiewit began investing in its Omaha neighbor, MFS, in 1986, correctly anticipating the deregulation of the telecommunications industry. Kiewit then spun off its 40 million shares of MFS to employees last year. The biggest winner was Kiewit CEO Walter Scott Jr., whose 16 million shares of MFS were worth around $750 million as a result of the WorldCom merger...
...price of protectionism went up in Washington last week. The Washington Metropolitan Area Transit Authority threw out all bids for construction of an extension to the city subway system after the low bidder turned out to be a 70%-30% joint venture of Kiewit Construction of Omaha and Kajima Engineering & Construction of Japan. The Metro acted to conform with the Murkowski-Brooks amendment, which was passed by Congress last December and bans Japanese firms from federally funded public works projects. The provision was designed to force the Japanese to open their domestic construction market to Americans...
...Kiewit-Kajima had come in with a $49.2 million bid, under Metro's own $50.9 estimated cost for the job, and well below the $51.5 bid from the nearest competitor. Metro officials will readvertise the contract, and expect to award it within two months. With an eye on current U.S.-Japanese negotiations over the construction issue, Republican Senator Frank Murkowski of Alaska, co- author of the amendment, said, "I cannot imagine a better signal to send to the Japanese." And to American taxpayers...
Occidental and its American partner in the mining project, Omaha contractor Peter Kiewit Sons, will contribute about $340 million to the operation, chiefly in the form of equipment and engineering talent. China will put up another $240 million. The 30-year agreement calls for the Chinese eventually to take over management. Antaibao's 1.4 billion tons of proven reserves could make it the world's largest open-pit mine after production starts in 1987. Its high-grade coal will be sold to Pacific-basin countries, but low-quality coal will go to the domestic market...