Word: nabisco
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...CCSR voted to ask Philip MorrisCompanies, Inc. and RJR-Nabisco--both tobaccomanufacturers--to provide information about theiradvertising practices in developing countries,according to Gray...
...corporations through stock-repurchase programs, mergers, leveraged buyouts or employee-stock- ownership plans. All told, such buybacks have reduced the supply of shares on the market by a record $94 billion during the first half of the year, or nearly 4% of all outstanding stock. The buyout of RJR Nabisco alone took $25 billion worth of stock off the market, while the acquisition of Warner Communications by Time Inc. will reduce supply by another $14 billion...
LBOs invariably lose money at first because heavy debt charges soak up their earnings. RJR Nabisco, which went private last December in a record $25 billion buyout, last week reported a staggering $309 million loss for the second quarter. Reason: $1.05 billion in interest and debt expenses. In announcing the loss, RJR Nabisco said its basic food and tobacco operations, which include Nabisco cookies and Winston cigarettes, performed strongly; the company added that its program to sell assets was ahead of schedule. RJR Nabisco has already sold more than $2.5 billion of businesses, including most of its European food operations...
...lowering of national barriers in 1992, the B.A.T deal would be worth two-thirds the total value of the 898 European mergers and acquisitions carried out in the first half of this year. It would rank second only to last year's $25 billion takeover of RJR Nabisco by the LBO firm Kohlberg Kravis Roberts...
...Crimson reports that Harvard may net between $6 million and $12 million from its investment in a limited partnership fund attempting a $20.3 billion leveraged buyout of RJR-Nabisco. If the takeover were successful, Harvard money managers say the University would hold indirect investments in the cigarette company--the same company from which a Harvard committee on ethics in investment advised the University to divest in the spring...