Word: pechiney
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...partner Peter May, would be lionized on the cover of Business Week. ("In your book," one of Peltz's advisers told Bruck at the time, "call him Nelson the Industrialist and make us all vomit.") In 1988 the can business would be sold to the state-owned French giant Pechiney, yielding Peltz, Milken et al. a nearly $1 billion profit (and spawning its own insider-trading scandal among French government officials...
...trading scandal that is causing major embarrassment to Francois Mitterrand's government. The suspected scheme was uncovered when the U.S. Securities and Exchange Commission noticed heavy trading in Triangle Industries, a U.S. holding company, in the days prior to the Nov. 21 announcement of the company's takeover by Pechiney S.A., a French metals conglomerate. Estimated profits by insiders who bought early: $10 million...
...more than a month of dickering and agreed to be acquired for $3.6 billion in an LBO put together by the company's management. Triangle Industries, which just two years ago acquired the packaging division of American Can in an LBO, agreed to be bought for $1.3 billion by Pechiney, the state-owned French metals firm...
...Netherlands, about 200 demonstrators with clubs tried to blockade the entrance to the Pechiney aluminum firm near the southern town of Borssele. Police mounted a baton charge, and at least one police officer and one demonstrator were wounded. No arrests were reported...
Although Besse has no experience in the industry, he is renowned for imposing efficiency on giant operations. A graduate of Paris' Ecole Polytechnique, the prestigious engineering school, he was a founder of the French nuclear industry. At Pechiney since 1982, Besse launched a reorganization that took the conglomerate from a $484 million loss to a $53 million profit last year. "Besse is a great business manager," exults one government official. "He has always succeeded at everything." Now at Renault, Besse may meet the ultimate test of his business acumen...