Business Services Industry
Week In Review.(Briefs)
Crain's New York Business, July, 2007
Byline: from staff reports and bloomberg news reports Blackstone buys Hilton Blackstone Group has agreed to buy Hilton Hotels Corp. for $20.1 billion, or $47.50 per share, quelling fears that the recent buyout binge is coming to an end. The deal ends Hilton's 60-year reign as a public company and makes Manhattan-based Blackstone, which already owns Doubletree, Embassy Suites and other brands, the world's largest hotel owner.
Blackstone raised over $4 billion last month for its initial public offering. Hedge fund IPOs hedge fund firm Och-Ziff Capital Management Group, founded by former Goldman Sachs Group Inc. equities trader Daniel Och, filed to raise up to $2 billion through an initial public offering. ... Private equity fund Kohlberg Kravis Roberts &...
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- "Do not rely on a single economy" ; Larsen and Toubro (L and T) was affected due to the slowdown particularly the products businesses, which include switchgears, construction equipment and industrial bars.
- "The first deliberate call we took was not to lay off anybody" ; The diversified group decided to reskill all surplus workers.
- "Government had to step up its demand" ; The downturn affected the government as much as India Inc. The outgoing advisor to the Government of India details its impact and its lessons.
- "Help your customers even in difficult times" ; Oil was at an all-time high at over $135 per barrel just before the financial meltdown. Then oil crashed to a low of $35 per barrel in January this year, bringing down any fresh demand for pipes fr
- "You have to be visible as a leader" ; Transparency is a standard operating procedure for communications during a downturn.
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