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Article: Market mover: Burger King
- Article from:
- The Independent on Sunday (London, England)
- Article date:
- December 15, 2002
CopyrightCopyright 2002 The Independent on Sunday. Provided by ProQuest LLC. (Hide copyright information)
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Both Diageo and its shareholders breathed a big sigh of relief
last week when the group finally managed to sell off its troubled
fast food chain so it can get on with the more focused business of
selling booze.
The saga of the Burger King sale has not been an easy one, and its
on- off history has given Diageo's shares an unprecedented run of
turbulence. When the chain was eventually sold to a partnership of
Texas Pacific, Bain Capital and Goldman Sachs Capital, the price tag
of $1.5bn (pounds 1bn) was a good third lower than the $2.26bn agreed
back in July. Normally, the drop might have been a trigger for City
despair, but as markets opened on Friday, the fact the sale went
ahead at all ...