[Leica] What would Blackstone do with the money from the sale of Leica stock?

[Howard L Ritter Jr]

I’d go a step farther. National treasures and patrimony should not be sold to any private entity (but especially not to a vulture-capital firm). This creeping privatization of government functions and public property, from the military to toll roads, cannot in the end be good. And not only because the trend is the result of economic desperation and political malpractice and cowardice.

—howard


> On Aug 5, 2017, at 10:20 AM, Nathan Wajsman <photo at frozenlight.eu> wrote:
> 
> Good for Iceland. National treasures should not be sold to overseas vultures.
> 
> Cheers,
> Nathan
> 
> Nathan Wajsman
> Alicante, Spain
> http://www.frozenlight.eu <http://www.frozenlight.eu/>
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> YNWA
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>> On 05 Aug 2017, at 16:05, Frank Filippone <red735i at verizon.net> wrote:
>> 
>> Bid from US private equity firm Blackstone Group to buy Blue Lagoon rejected
>> 
>> 
>> 
>> The US private equity group Blackstone had hoped to acquire a major stake in
>> one of Iceland's best known tourist attractions.   The US private equity
>> group Blackstone had hoped to acquire a major stake in one of Iceland's best
>> known tourist attractions.   The US private equity group Blackstone had
>> hoped to acquire a major stake in one of Iceland's best known tourist
>> attractions. 
>> 
>> 
>> 
>> The Icelandic pension funds, who own a third of the poplar tourist
>> destination the Blue Lagoon, have vetoed a sale of a 30% stake in the lagoon
>> to an investment fund managed by the US private equity firm Blackstone
>> Group. The 30% stake which Blackstone had hoped to buy was owned by the
>> local utility HS Orka. Blackstone had offered 11 billion ISK (106 million
>> USD/90 million EUR) for the stake.
>> 
>> 
>> 
>> This is the second sale of a major tourist attraction which is thwarted at
>> the last minute. Earlier this year the Icelandic state used the power of
>> eminent domain to acquire Jökulsárlón glacial lagoon, making it a part of
>> Vatnajökull National Park.
>> 
>> 
>> 
>> The utility HS Orka, which operates geothermal power plants and the district
>> heating utility on Reykjanes peninsula, had put the 30% stake in the blue
>> lagoon up for sale in May. The highest bid came from a Blackstone Group
>> investment fund, run by one of Blackstone's top managers in Europe, Chad
>> Pike. Pike already has some connections to Iceland, as he owns a luxury
>> hotel in North Iceland, Deplar Farm. 
>> 
>> 
>> 
>> Before the sale could go through it had to be approved by the board of a
>> holding company Jarðvarmi which owns HS Orka. The Icelandic pension funds
>> own a 33.4% stake in Jarðvarmi, while a Canadian energy company Alterra owns
>> 66.6%. While the Blackstone bid for the Blue Lagoon was significantly higher
>> than HS Orka had hoped to get for the stake, the pension funds decided to
>> veto the sale.
>> 
>> 
>> 
>> According to the sources of the local newspaper Fréttablaðið the decision by
>> the pension funds to veto the sale has been met with frustration from
>> Alterra.
>> 
>> 
>> 
>> 
>> 
>> Frank Filippone
>> 
>> 
>> 
>> Red735i at verizon.net
>> 
>> 
>> 
>> 
>> _______________________________________________
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> 
> 
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