Klaus
08-10-2004, 01:11 PM
Perelman Is Near to a Deal
For Control of AM General
By DENNIS K. BERMAN and LEE HAWKINS
Staff Reporters of THE WALL STREET JOURNAL
August 10, 2004; Page D2
Ronald Perelman is close to sealing a joint-venture deal that will give him operating control of AM General Corp., the company behind the well-known Humvee military vehicle and its commercial offspring, the Hummer truck.
The current deal values AM General at about $935 million, according to people familiar with the matter, though specifics of Mr. Perelman's offer were still unknown last night.
Lawyers yesterday were hammering out a joint venture between Mr. Perelman's MacAndrews & Forbes Holdings Inc. of New York and Renco Group Inc., a private New York holding company that controls AM General. Renco is led by Ira Rennert, a veteran Wall Street deal maker who brought AM General out of bankruptcy more than a decade ago for $133 million in cash and securities.
Barring any last-minute hitches, the deal could be completed as early as today, say people familiar with the matter. The financial terms of the joint venture are said to be highly complex, with each partner receiving income from different revenue streams at AM General.
For Control of AM General
By DENNIS K. BERMAN and LEE HAWKINS
Staff Reporters of THE WALL STREET JOURNAL
August 10, 2004; Page D2
Ronald Perelman is close to sealing a joint-venture deal that will give him operating control of AM General Corp., the company behind the well-known Humvee military vehicle and its commercial offspring, the Hummer truck.
The current deal values AM General at about $935 million, according to people familiar with the matter, though specifics of Mr. Perelman's offer were still unknown last night.
Lawyers yesterday were hammering out a joint venture between Mr. Perelman's MacAndrews & Forbes Holdings Inc. of New York and Renco Group Inc., a private New York holding company that controls AM General. Renco is led by Ira Rennert, a veteran Wall Street deal maker who brought AM General out of bankruptcy more than a decade ago for $133 million in cash and securities.
Barring any last-minute hitches, the deal could be completed as early as today, say people familiar with the matter. The financial terms of the joint venture are said to be highly complex, with each partner receiving income from different revenue streams at AM General.