Word: rjr
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...bought the cookies before last week's news that the management of RJR-Nabisco, a publicly-held consumer products conglomerate, had proposed a $17 billion offer to buy stock and take private ownership of the company. It was the largest buyout bid in history...
Shortly afterwards, the Green Berets of the financial world at Kohlberg, Kravis, Roberts (or KKR, as the company which introduced "leveraged buyouts" to the world is known) announced a $20 billion bid for RJR...
Harvard is a major player in the KKR bid, contributing a big chunk on the $2.3 billion downpayment for the takeover of RJR. But as a condition for investing in KKR last year, the University gave up virtually any say of what KKR will do with the money, which is in part our money...
Last summer, the University learned that two of America's largest tobacco producers in which it owns stock--RJR and Philip Morris--practice unethical advertising in underdeveloped nations. Apparently surprised by this discovery, Harvard demanded an explanation and considered withdrawing its investment from the companies...
...they take effect, the Philip Morris and RJR Nabisco deals may prove to be textbook cases of smart corporate strategies. They could also turn out to be flops -- or so U.S. business history would suggest. In the 1960s some of America's most celebrated executives, including Harold Geneen at ITT and Charles Thornton at Litton Industries, acquired scores of companies and built huge conglomerates. Like many empires, they eventually declined. A similar fate may await some of today's dealmakers...