WSJ - Perelman Is Near to a Deal For Control of AM General

[Klaus]

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.

[Klaus]

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.

[Klaus]

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.

[Dan]

That's a smart move. You figure, a lot of Humvees are going to be ruined, broken, or just plain worn out after the war. Not to mention that they were probably built several years ago and are getting worn anyway. They'll be needing more soon. Government contracts are golden.

Wonder if the H2 will get a Limited Edition Revlon package? Free lipstick for the "Hummers in Hummers" stripper ladies would be appreciated though.