Word: stakings
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Cerberus LLC, the once powerful private equity firm, swept into Detroit in the autumn of 2006 to acquire a 51% stake in GMAC, General Motors' financial arm, and less than a year later it drove off with Chrysler, described at the time as the "capstone" of Cerberus' industrial empire. Never mind that the seller, Daimler, was only too happy to get rid of the auto company...
...part of the Federal Reserve deal, both GM and Cerberus will reduce their stakes in GMAC, a company decimated by the crisis in residential loans. Although created originally to finance GM's car sales, GMAC also got into residential mortgages, including the subprime variety. Result: GMAC has lost $8 billion over the past two years. Cerberus will distribute shares to its investors, thereby reducing its voting stake to 14.9% and its overall equity stake to 33%. GM will transfer some of its shares to a trust, which will sell off the stock over the next three years...
...this year when the state Supreme Court ruled on whether a previous ballot initiative banning gay marriage was legal. As foot soldiers and generals alike on both sides of the war over gay marriage prepared to battle in court, Brown told TIME an evolving understanding of what was at stake prompted him to turn things around...
...Virgin Atlantic said it was in talks with Germany's Lufthansa over the future of BMI, a British airline that Lufthansa is currently taking over. This year the German carrier has taken a 42% stake in Austrian Airlines, with plans to pick up the rest later, and a similar share in Brussels Airlines, which handed the Cologne-based carrier access to west Africa. British Airways has been talking to Spain's Iberia and Australian carrier Qantas about a merger...
Those airlines lacking resources and scale may have little choice but to yield to larger ones, analysts say. Alongside Air France-KLM - Europe's biggest airline and still a favorite to grab a minority stake in beleaguered Italian flag carrier Alitalia - and the ever growing Lufthansa, an enlarged BA and Ryanair would mean "for most of the smaller network airlines who have a very weak balance sheet, they're going to have to fold into one of those four groups," says Exane BNP Paribas' Van Klaveren. Scandinavian Airlines (SAS), for one, "will survive 2009, but I doubt it can survive...