Word: kkr
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...offer is on the table, an unappetizing €4.4 billion stock offer from supermarketer William Morrison that Safeway no longer supports. Three bigger retailing rivals - Tesco, Sainsbury and Wal-Mart - are likely to encounter serious anti-trust obstacles if they make bids, bankers say, and the two financial bidders, KKR and Philip Green, would load the retailer up with debt. With the volume of merger activity in Europe down 62% from 2000 and off 20% from 2001, according to Thomson Financial, bankers are elbowing for a place at the Safeway table. "There's a perception at many banks that...
...reinvent themselves--when they are financed by private-equity funds and banks instead. The buyout firm Kohlberg Kravis Robert recently created a $3 billion European fund and started scouting the Old World for new privatization deals. "There are lots of opportunities here," explains Ned Gilhuly, managing director of KKR's European operations in London. "We believe there will be more, and sizable, deals in Europe." So does London private-equity firm BC Partners, which last month topped KKR by raising a $3.27 billion fund to join the privacy movement...
...growth is continuing; deals during the second quarter of 2000 were worth $8.7 billion, a 334% increase over the first quarter. In Continental Western Europe, the trend is even steeper: 27 deals worth $3.84 billion last year, up from three deals worth $224.3 million in 1998. Significant transactions include KKR's $940.5 million acquisition of British conglomerate Wassall, whose primary holding is Thorn Lighting, a manufacturer of light fixtures; and the $1.4 billion buyout of the German bathroom-fixtures maker Friedrich Grohe, led by BC Partners...
Johnson's brazen attempt at highway robbery attracted the attention of Henry Kravis, the pixieish juggernaut from KKR, the New York City firm that had written the book on leveraged buyouts. Kravis, who months earlier had met with Johnson and discussed the possibility of taking RJR Nabisco private, was furious at Johnson for his double-dealing. With his cousin, and KKR partner, George Roberts, Kravis submitted a blow-them-out-of-the-water bid of $90 a share...
...outstanding is Garner's miscasting plus Gelbart's reluctance to pull the trigger on the conniving Johnson. Example: in one scene, the born-to-shop Dr. Cupcake tells Ross a heart- wrenching story about her leg waxer's cousin, who was dumped from his job of 18 years when KKR took over his company. Seeking to illustrate the human carnage of leveraged buyouts, she informs hubby that the man went home and shot himself. Johnson looks concerned. Here, the film is taking real liberties with the truth. This conversation did not take place anywhere in Burrough and Helyar's book...