Word: plc
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Because Edelman feels that U.S. attitudes toward raiders have become too hostile, he now prefers to stalk European game. Yet his magic touch is fading. In June, Edelman made a failed bid for Storehouse PLC, a British retailing giant. Since then Storehouse's profits and stock price have plunged, wiping out some 35% of the value of Edelman's stake...
Cash starved and struggling, Britain's Jaguar PLC has decided to take the course favored by many an aristocrat facing hard times: marrying into money. Last week, three days after Japanese investors bought a majority interest in Rockefeller Center, the 67-year-old maker of sleek, purring luxury sports cars and sedans agreed to be taken over by America's Ford Motor for $2.5 billion. The deal is likely to win approval from the required 75% of Jaguar's stockholders...
...green-and-yellow signs are familiar landmarks on American highways, will soon take on a British accent. Last week Memphis-based Holiday Corp. said that it will sell its North American chain of more than 1,400 Holiday Inns for $2.2 billion to British pub-and-brewery giant Bass PLC. The sale completes a global acquisition for the London-based company, which last year bought the rights to Holiday Inn franchises outside North America...
...dinner party to celebrate the company's rebuff in May of a hostile takeover bid by South African-controlled Minorco. Not until the meal was over did ConsGold Chairman Rudolph Agnew inform his troops that the company's board had accepted a $5.5 billion takeover bid from Hanson PLC, the $12.5 billion British group whose holdings include Jacuzzi and Farberware...
...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...