Submitted by Diane Farsetta on
"The biggest leveraged buyout in history was notable not only for its finances, but also for its unusual feature of having multiple PR firms advising both sides of the deal simultaneously," writes PR Week. The Dallas-based energy company TXU (mentioned in a previous Spin about the front groups campaigning for and against its proposed Texas coal plants) will be purchased by three equity firms for $45 billion. The PR firm Public Strategies, Inc. advised both TXU and its purchasers, as did the firm Kekst and Company. Texas Pacific, one of the purchasers, also used Owen Blicksilver PR. O'Dwyer's PR Daily notes that "the buyout is expected to face regulatory, political and environmental concerns and the parties involved immediately moved to head off any immediate fallout," including by securing endorsements from Environmental Defense and the Natural Resources Defense Council. The companies promised "a $400M investment in conservation over the next five years," and appointed former Secretary of State James Baker as chair of an "advisory group on climate change."
Diane Farsetta replied on Permalink
More on the TXU deal
From [http://www.planetark.com/dailynewsstory.cfm/newsid/40670/story.htm Reuters]:
And from [http://alternet.org/envirohealth/48681/ AlterNet]: