Word: rjr
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Dates: during 1980-1989
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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...
...anticipation of the 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...
...year. In a separate action, the agency has begun reviewing a rule that bars broadcast networks from owning cable systems. The networks already have interests in cable channels that range from NBC's month-old Consumer News & Business Channel to the ESPN sports channel, a venture of ABC and RJR Nabisco...
...family member in 40 years has held a major job in the company, which merged with Nabisco in 1985. The last ties were cut in January, when heirs sold their stock to Kohlberg Kravis Roberts, the investment firm that bought RJR Nabisco for $25 billion. In his own small way, Patrick Reynolds has remained an annoyance to relatives and cigarette makers alike. If his book is successful, he says, he will donate a substantial portion of the profits to a lobbying group he is forming, the Foundation for a Smoke-Free America...