Word: plc
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Dates: during 1980-1989
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...with separate corporate staffs, public relations departments and financial advisers. Then, last May, heavy trading in Moet Vuitton shares on the Paris Bourse signaled that the company would be vulnerable to a takeover attempt. Chevalier responded to the threat by calling on a friend, Anthony Tennant, president of Guinness PLC, the powerful British drinks group that markets Moet-Hennessy brands around the globe. Guinness was asked to take a 20% stake in Moet Vuitton as anti-takeover insurance. Racamier opposed the alliance, fearing that it would jeopardize Vuitton's independence. "I had no objections to Guinness taking a moderate stake...
...holding in Texaco, valued at more than $800 million before the crash. Holmes a Court sold half his shares to U.S. Financier Carl Icahn in November for $360 million, at an estimated loss of $65 million. Other items: an 8% stake in the British retailer Sears PLC, sold for $300 million (loss: $41 million), and a 16% stake in Australia's Pioneer Concrete Services (loss: $54 million...
...years it has been one of Britain's largest welfare cases. The state-owned automaker BL PLC* (once known as British Leyland) lost more than $3 billion between 1978 and 1982 and has slurped up $4.6 billion of government handouts since 1975. Things are now looking brighter, since BL has just finished its best year in a decade. Industry experts estimate that the company will have cut its losses from a peak of $803 million in 1980 to $77 million for the first half...
...Japanese are usually minutely well informed about their prospective partners. Recalls a onetime official of BL PLC (formerly British Leyland) who worked on a joint agreement with Honda: "The Japanese negotiators seemed to know more about our labor and managerial problems than...