Word: kiewit
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Dates: during 1990-1999
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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...