well, well, well, Carlyle taking some hits

http://www.behindthebuyouts.org/media-center/2007/11/28/australian-and-us-unions-team-up-to-hold-the-carlyle-group-a.html


Australian and US Unions Team Up to Hold the Carlyle Group Accountable For Treatment of Workers

New global campaign announced as Carlyle plans takeover of Coates Hire in Australia


With global buyout giant the Carlyle Group set to take over Australia’s largest equipment rental company, Coates Hire, Australian and US unions are announcing a new global effort to hold the Carlyle Group accountable for the treatment of workers at its portfolio companies.

-snip-

Australian and US unions are planning a demonstration at the National Hire Annual General Meeting Friday November 30th where the agenda will include planned takeover of Coates Hire by National Hire, one of Coates Hire’s competitors) and the Carlyle Group.
Australian unions, including AMWU (Australian Manufacturing Workers Union), ETU (Electrical Trades Union) and the TWU (Transport Workers Union), echo concerns in the US that the Coates Hire buyout could come at the expense of workers and taxpayers and are calling for commitments by the Carlyle Group to guarantee workers’ conditions. The unions are seeking that negotiations begin as soon as the Coates Hire takeover is approved.

Glenn Thompson, AMWU Assistant National Secretary, said that Australian unions fear the Coates takeover may result in a restructure and job losses, or decreases in wages and conditions in order to squeeze more profits out of the new company.

-snip-

Global Effort Focused on Carlyle
As part of their new global effort the unions are planning to:

Communicate directly with Carlyle investors, such as pension funds, the concerns over treatment of workers at companies owned by Carlyle worldwide

Bring Carlyle portfolio company workers from different countries together to talk about their experiences following buyouts

Highlight low wages, lack of health insurance and other benefits, poor working conditions, and unfair labor practices at Carlyle-owned companies

In the United States, SEIU (Service Employees International Union) is raising concerns that workers at the companies owned by Carlyle contribute to their companies’ value and success, but do not share in the benefits of billion dollar buyout deals that pay top executives millions of dollars. In some cases, workers are hurt following Carlyle buyouts. Over the last year, more than 5,500 layoffs were announced at Carlyle portfolio companies.
-snip-
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more power to the unions - whack the criminal Carlyle group - poppy's pet money maker

nt

and Warmongers.

Coates Hire Succumbs To Suitors' Siren Song
Vivian Wai-yin Kwok, 10.02.07, 6:07 AM ET

After twice turning down suitors, the Australian equipment rental company Coates Hire finally agreed to be bought out by smaller rival National Hire Group and private equity firm Carlyle Group for 1.7 billion Australian dollars ($1.5 billion).

Coates Hire announced Tuesday that it had received a total cash offer worth 6.70 Australian dollars ($5.93) per share.
http://www.forbes.com/markets/2007/10/02/coates-hire-carlyle-markets-equity-cx_vk_1002markets03.html

Miriam Steffens
August 30, 2007
Coates Hire rejects Stokes offer

THE Seven Network's owner, Kerry Stokes, and his private-equity partner, the Carlyle Group, have failed in their bid to buy Coates Hire after the machinery rental company rejected their $1.56 billion takeover offer as too low.

Coates Hire's chairman, Bill Cutbush, said yesterday: "The board has unanimously determined that the proposals received from interested parties are not at an appropriate value to justify recommendation."

The decision ended a three-month review, which Coates Hire started after it received the first approaches. Its smaller rival National Hire, which is controlled by Kerry Stokes's company WesTrac, and Carlyle bid $6.25 a share for the company, people close to the discussions said. There were two other bidders, including French company Loxam and an unidentified Australian company from a related industry.
http://www.smh.com.au/news/business/coates-hire-rejects-stokes-offer/2007/08/29/1188067191316.html

Coates Hire rejects offer
Trevor Chappell
September 05, 2007 11:00pm

COATES Hire has rejected a $1.6 billion offer for the equipment hire group from smaller rival National Hire Group and private equity firm The Carlyle Group.

The offer of $6.29 a share, or $6.40 after including Coates's final dividend for fiscal 2007 of 11¢ a share, was an improvement on an earlier, undisclosed approach by the pair.

But Coates said the revised offer was highly conditional, undervalued its operations and discounted the benefit to National Hire of substantial synergies.

Coates stressed its leading market position, strong geographic footprint and opportunities to enhance its existing operations.
http://www.news.com.au/couriermail/story/0,23739,22369981-3122,00.html

Michael Sainsbury | October 03, 2007
Stokes, Carlyle buy Coates Hire

KERRY STOKES has again joined hands with private equity with a $2.2 billion deal to seize control of listed equipment hire group Coates Hire.

In the biggest leveraged buyout deal since global credit markets went into a tailspin in July, the Stokes-controlled National Hire has teamed up with US-based leverage buyout house Carlyle to create Australia's biggest equipment rental business.
http://www.theaustralian.news.com.au/story/0,25197,22521822-643,00.html

a more deserving nest of snakes.