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Pass the parcel

30 October 2002 By Hugo Dixon, Hugo Dixon

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Pass the parcel

30 October 2002 By Hugo Dixon, Hugo Dixon, Hugo Dixon, Hugo Dixon, Hugo Dixon, Hugo Dixon, Hugo Dixon

The E1.1bn transaction driven by the dearth of trade buyers and the inability to launch an IPO may look like a game of pass the parcel. To the ultimate investors, the transaction may look odd. But from the perspective of the private equity firms, it is entirely logical.

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