It's funny what people will say in the heat of battle. Remember Tony Blair's assurance that Iraq had weapons of mass destruction which could be deployed in 45minutes? That was said in order to win a Commons vote to go to war in Iraq.
Last week, Stefano Pessina, deputy chairman and 15 per cent owner of Boots, said something equally unlikely in order to help his bid to take over Boots with backing from private equity fund Kohlberg Kravis and Roberts. (KKR)
What Pessina said was: "KKR has assured me it is in this for the long term".
Ha Ha.
Who'd have believed a private equity firm would want to stay in anything for the long term?
The whole raison d'etre of these companies is to sashay in and out performing a swift asset strip along the way.
It's like Intel saying it doesn't believe in Moore's law.
Or Prince Harry saying he prefers vicarage tea parties to night clubs.
Pull the other one, KKR.
Leave a comment