THE BANKS RUSH IN WHERE REGULATORS FEAR TO TREAD
When Philip Morris set out to acquire General Foods in 1985’s biggest M&A deal, two members of its treasury department did some preliminary scouting. They telephoned 50 banks to arrange a $6 billion credit before the Morris board came to rubber stamp the takeover. They corralled 12 of the largest banks in the US and seven Japanese banks, which committed from $50 million to $350 million each.
But the deal did not stop there.
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