The New Ron Perelman Has An Old Problem
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Ronald O. Perelman feels good. Trademark cigar in hand, the erstwhile raider looks tan and fit. The no-holds-barred negotiator who seized Revlon Inc. in one of the 1980s' nastiest takeovers now says he's shunning the world of highly leveraged deals, and instead seems eager to burnish his image as a builder and operator of companies.
Across his far-flung empire, Perelman has sold assets--using the proceeds to pay off debt, buy stakes in several properties, and inject equity into others. "Our strategy today is to continue to build up both internally and through acquisitions each of our core businesses," says the 50-year-old mogul.