Word: merger
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Dates: during 1980-1989
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Even before Black Monday, the First Boston investment firm's go-go days had gone. In late 1986 the company's traders lost $100 million in the Treasury bond market. Last February the firm's prized merger-and-acquisition specialists, Bruce Wasserstein and Joseph Perella, defected to start their own firm, taking 16 staffers with them...
With the firm beset by squabbles over strategy and slumping morale, chief executive Peter Buchanan decided that it needed shoring up. After six months of negotiations, First Boston agreed last week to be taken over in a $1.1 billion merger with its European affiliate, Financiere Credit Suisse-First Boston. The new investment firm, which will be privately held, will be controlled by Credit Suisse, the giant Zurich-based banking company...
...sooner had the company been formed than a struggle for control broke out between Chairman Alain Chevalier, 56, who had been head of Moet-Hennessy, and Vice Chairman Henry Racamier, 76, former chief executive of Louis Vuitton. At times the dispute has threatened the viability of the merger. "When there is a crisis in marriage," said Chevalier, "either you get divorced or you put the pieces back together...
...tension between two of France's most successful -- and strong-willed -- business leaders was probably inevitable. Chevalier is a dapper former steel executive who arranged the original merger of the Moet champagne concern with the Hennessy Cognac empire in 1971. Under the reorganization plan, he will continue to represent the interests of the Moet, Hennessy and related families, which together control 20% of the company. Racamier, another former steel executive, will speak for the Vuitton interests, which control 30% of the merged firm. Married to a Vuitton heiress, Racamier led the concern for the previous decade and propelled sales from...
...special report on Japan' s Nomura, the world' s largest securities firm, which has stunned Wall Street with a big deal to get into the merger game...