Diageo

""It is a victory of common sense for the benefit of all shareholders," says George Bull. "In business, one must not be stubborn," acknowledges Bernard Arnault. And he adds that his "pragmatism" led him to choose a "third way." LVMH ends up with 11% of the future Diageo, which it had previously contested. And it will receive another £ 250 million (€ 380 million) in the form of superdividends after their merger. In total, LVMH will receive 5 billion francs, which will allow it to reduce its debt, which reached 29 billion francs (€ 4.42 billion) in 1997."

"The first large bet was made in conjunction with TCI, a London-based asset manager led by Chris Hohn and known for a number of activist incursions, namely ABN Amro Bank and the Deutsche Borse. 3G and TCI both acquired a large stake in CSX, an American railroad company, and pressed for aggressive changes in the company’s management. They were partially backed by Behring’s experience in ALL, Brazil’s largest railroad operator. After CSX, 3G raised a new fund enabling it to announce the take-private of Burger King in 2010. The fast-food chain was then held by private equity funds run by the Texas Pacific Group, Bain Capital, and Goldman Sachs, who’d purchased the company from Diageo in 2002. The group was having trouble running it, especially after the 2008 recession. The buyout valued BK at $3.3 billion (plus $700 million in debts), or nine times earnings. The disbursement was levered roughly one-to-one, which added around $1.7 billion of takeover debt on top of the existing $700 million. Bernardo Hees,"