Beware the dirty diggers | Canada grapples on the border | En France on va tout privatiser | Japan prepares for a takeover splurge | Leveraged funding | The city spins with merger mania | The thriving LBO | To focus is to succeed | U.S. megamergers on the wane
BEWARE THE DIRTY DIGGERS To their detractors, they are corporate raiders and asset strippers. To their fans, often including shareholders of firms they have taken over, they are shaking up tired old managements and ensuring investors get a better return on their capital.
They include Australia's richest man, Robert Holmes a Court; the world's most powerful press baron, Rupert Murdoch; and the man who brought the America's Cup to Australia, Alan Bond.
They have become household names to the public. And it is often on their names alone that banks have shown what some practitioners fear may be a lemming-like eagerness to lend for future ventures.
In 1984, 126 takeovers were attempted among the 1,000 or so companies listed on Australian stock exchanges. In 1985, the total was 140. For 1986, the number will be lower, partly because of new laws to regulate takeovers. But the value of bids is still rising.