Special Report: Big-Time Buyouts

Duel of the Takeover Titans

Takeover wars have raged on and off for decades, but corporate America has never seen anything quite like the battle for RJR Nabisco. The combatants are brandishing tens of billions of dollars and mobilizing squadrons of bankers and lawyers on a scale previously unimagined. On one side is the firm of Kohlberg, Kravis, Roberts, until now the undisputed master of the leveraged buyout. On the other is an alliance between a group of RJR Nabisco executives and Shearson Lehman Hutton, an old-line investment firm determined to break KKR's dominance of the hottest, most lucrative business on Wall Street. If either side...

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