The biggest power generator in Texas could soon belong to private owners, after shareholders of TXU Corp. (TXU) voted to sell the company for $32 billion in one of the largest leveraged buyouts ever. Investors led by private equity firms Kohlberg Kravis Roberts & Co. and TPG, formerly Texas Pacific Group, hope to get the last regulatory approval and complete the deal in the next few weeks.
In the seven years since the CEO took over Mattel Inc. (MAT), the world’s largest toy maker has gone from struggling with sagging sales and unhappy shareholders to a leaner, more profitable company. Now, the man credited with that turnaround is on the defensive, forced to explain to Congress how some of his decisions resulted in three high-profile recalls this summer.
The struggling lender said it will cut as many as 12,000 jobs as it struggles to deal with challenging conditions in the mortgage industry. Countrywide Financial Corp. (CFC) said the cuts are needed because it expects new mortgages to fall about 25 percent in 2008 from this year’s levels.