Three into three: ITT's latest breakup

Article Abstract:

International conglomerate ITT Corp. will be broken into three separate business units: ITT Destinations, to be in charge of hotels and gaming; ITT Educational Services, to handle the corporation's 60 technical institutes; and ITT Corp., which will handle telephone directory publishing. The restructuring is in response to a Jan 1997 takeover attempt by Hilton Hotels, which offered a $6.5 bil bid for the corporation. Chairman and CEO Rand Araskog thwarted Hilton's takeover attempt by buying back 26 percent of its shares and retiring ITT's $2 bil public debt. Funding came from divestment of a variety of assets, including a stake in Madison Square Garden and two NY sports teams.

Hotels & Motels, Hotels (except Casino Hotels) and Motels, Hotels and motels, Vocational Schools, Vocational Education, Technical and Trade Schools, Mergers, acquisitions and divestments, ITT Educational Services Inc., ESI, ITT, ITT Corp., Araskog, Rand V., ITT Destinations

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Shock treatment

Article Abstract:

Germany has undergone corporate restructuring which has involved changing direction, or focusing on core activities. Veba and RWE are moving away from new activities and planning to invest in older businesses like electricity. RWE plans to cut costs and increase its stake in the European Unuion water and energy market to 10%. Both companies have made disposals so have large amounts of cash. Meanwhile, Viag plans to stay active in a number of businesses, though it is seen as likely to sell its telecoms interests.

Germany

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Reinventing Tata

Article Abstract:

The performance and strategy of the Indian conglomerate, Tata, are examined in detail.

India, Tata

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