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89-629: John Wood Group plc , commonly known as Wood , is a British multinational engineering and consulting business with headquarters in Aberdeen , Scotland. It is listed on the London Stock Exchange as well as being a constituent of the FTSE 250 Index . The business was founded in 1982 by Ian Wood , when it split away from JW Holdings , the largest fishing company in Scotland. Ian played

178-750: A Form S-1 with the U.S. Securities and Exchange Commission in preparation for an IPO on the New York Stock Exchange . In May 2008, Apollo invested in Vantium, a company that buys residential mortgage assets as part of a strategy to profit from the United States housing market correction . In July 2008, the company closed a $ 758 million value-add fund. Also in 2008, Apollo opened an office in India , its first office in Asia. During

267-467: A $ 1.2 billion market value collateralized debt obligation vehicle . Ares I and II which were raised were structured as market value CLOs . Ares III-Ares X were structured as cash flow CLOs . In 2002, Ares completed a corporate spin-off from Apollo management. Although technically the founders of Ares had completed a spinout with the formation of the firm in 1997, they had maintained a close relationship with Apollo over its first five years and operated as

356-554: A $ 2 billion vehicle in Europe, AP Alternative Assets. It was a Guernsey -domiciled publicly traded, private-equity closed-end, limited partnership , managed by Apollo Alternative Assets, an affiliate of Apollo Management. Apollo initially attempted to raise $ 2.5 billion for the public vehicle, but fell short when it offered the shares in June 2006, raising only $ 1.5 billion. Apollo raised an additional $ 500 million via private placements in

445-488: A 31% interest. In December 2009, Apollo announced the acquisition of Cedar Fair Entertainment Company for $ 635 million and assumed debt valuing the company at $ 2.4 billion. In April 2010, the deal was terminated due to poor shareholder response. In January 2011, Apollo acquired 51% of Alcan Engineered Products from Rio Tinto Group . On March 29, 2011, Apollo became a public company via an IPO. In June 2011, Apollo acquired CKx. In March 2012, Apollo acquired

534-412: A US-domiciled publicly traded , private-equity, closed-end fund and Business Development Company . AIC provides mezzanine debt , senior secured loans , and equity investments to middle-market companies , including public companies, although it historically has not invested in companies controlled by Apollo's private-equity funds. Apollo, originally referred to as Apollo Advisors, was founded after

623-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

712-423: A consortium of other international investors provided the capital for Lion's investment activities. Lion Advisors was replaced by Ares Management . At the time of Apollo's founding, little financing was available for new leveraged buyouts and Apollo turned, instead, to a strategy of distressed-to-control takeovers. Apollo purchased distressed securities , which could be converted into a controlling interest in

801-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

890-442: A franchisor that owns Coldwell Banker, Century 21, and Sotheby's International Realty, for $ 8.5 billion. As the United States housing market correction accelerated in 2008, Realogy faced financial pressures due to its debt load. In November 2008, Realogy launched an exchange offer for a portion of its debt to provide additional flexibility, prompting a lawsuit from Carl Icahn . In 2013, Apollo sold out of this investment, making

979-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

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1068-516: A listed business development company , Apollo Investment Corporation. In September 2004, investment funds managed by Apollo and Sterling Partners acquired Connections Academy . It was sold in 2011 for $ 400 million. In 2005, Apollo formed Hexion Specialty Chemicals through the merger of Borden, Inc. , Resolution Performance Products LLC, and Resolution Specialty Materials, LLC, and the acquisition of Bakelite AG. Hexion announced in July 2007 that it

1157-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

1246-474: A pivotal role in the management and direction of the company, being its chief executive officer (CEO) through to 2006 as well as its chairman through to 2012. From the 1980s through to the end of the 2000s, the Wood family held (via a series of charities and trusts ) a sizable stake in the business, at one point as high as 40 percent of all available shares, giving them considerable sway over decision-making. From

1335-614: A profit of $ 1.3 billion. In May 2007, Apollo acquired Countrywide plc , a provider of residential property-related services in the UK, formerly known as Hambro Countrywide (1988) and Countrywide Assured Group (1998) for $ 1.05 billion (not related to Countrywide Financial ). In November 2007, the company sold 9% of itself to the Abu Dhabi Investment Authority . In January 2008, Apollo and TPG Capital acquired Harrah's Entertainment for $ 27.4 billion, including

1424-431: A prominent lieutenant of Michael Milken and a key player in the buyout boom of the 1980s . Lion Advisors (or Lion Capital) was founded in 1990 to provide investment services to Credit Lyonnais and foreign institutions, seeking to profit from depressed prices in the high-yield market. In 1992, Lion entered into a more formal arrangement to manage the $ 3 billion high-yield portfolio for Credit Lyonnais which together with

1513-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

1602-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

1691-980: The British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include the Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over

1780-577: The financial crisis of 2007–2008 , several of Apollo's investments came under pressure. Apollo's 2005 investment in the struggling US retailer Linens 'n Things suffered from a significant debt burden and softening consumer demand. In May 2008, Linens filed for bankruptcy protection, costing Apollo all of its $ 365 million investment in the company. In 2009, the company was sued by a noteholder claiming mismanagement. Apollo exercised its " PIK toggle " option at Claire's to shut off cash interest payments to its bondholders and instead issue more debt, to provide

1869-569: The $ 3.1 billion leveraged buyouts of costume jewelry retailer Claire's Stores. In 2008, Claire's experienced financial difficulty amid the slump in consumer spending. In April 2007, Apollo acquired Noranda Aluminum , the US aluminum business of Xstrata for $ 1.15 billion. Noranda Aluminum includes a primary smelter and three rolling mills in Tennessee, North Carolina, and Arkansas along with other operations. In April 2007, Apollo acquired Realogy ,

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1958-670: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from the Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for

2047-551: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

2136-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

2225-574: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

2314-593: The North Sea oil sector through the purchase of the Aberdeen-based business Enterprise Engineering shortly after it had entered administration . In March 2017, the company announced it would acquire its rival, Amec Foster Wheeler , in an all stock deal, valued at approximately £2.2 billion. Following approval from the Competition and Markets Authority , the transaction was completed on 9 October 2017. In

2403-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

2492-499: The State of California over its purchase of Executive Life Insurance Company in 1991. The same year, Attorney General of California Bill Lockyer accused Leon and an investor group led by French bank Credit Lyonnais of violating California law by having a foreign government-owned bank acquire the assets and bond portfolio of Executive Life Insurance. In April 2004, Apollo raised $ 930 million through an initial public offering for

2581-464: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

2670-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

2759-466: The U.S. government's Resolution Trust Corporation . One of Apollo's earliest and most successful deals involved the acquisition of Executive Life Insurance Company's bond portfolio. Using this vehicle, Apollo purchased the Executive Life portfolio, profiting when the value of high-yield bonds recovered, but also resulting in a variety of state regulatory issues for Apollo and Credit Lyonnais over

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2848-541: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

2937-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

3026-614: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

3115-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

3204-576: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

3293-766: The VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization , the European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in

3382-463: The West Coast affiliate of Apollo. Shortly thereafter, Ares completed fundraising for Ares Corporate Opportunities Fund, a special-situations investment fund with $ 750 million of capital under management. In 1998, during the dot-com bubble , Apollo raised Apollo Investment Fund IV with $ 3.6 billion of investor commitments. As of April 8, 2008, the fund had generated a 10% IRR net of fees. Among

3471-507: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

3560-570: The Wood family reduced their 11 percent stake in John Wood Group to 1 percent in exchange for £366 million. During 2012, John Wood Group started providing environmental consultancy work to relation to Heathrow Airport 's proposed expansion. The company has also been involved in other transport infrastructure schemes, such as the potential reopening of the Watford and Rickmansworth Railway . In 2016, John Wood Group expanded its footprint in

3649-642: The acquisition of the Smart & Final chain of warehouse-style food and supply stores. In June 2007, Smart & Final completed the acquisition of the Henry's Marketplace chain of " farmers market " style food retailers from Wild Oats Markets as part of that company's acquisition by Whole Foods Market . In 2011, the Henry's chain was merged with Sprouts Farmers Market , which, like the Henry's markets, had been founded by Henry Boney. In March 2007, Apollo announced

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3738-707: The assumption of existing debt. In January 2008, Apollo invested $ 1 billion in Norwegian Cruise Line to support a recapitalization of the company's balance sheet. In December 2018, Apollo cashed out of this investment. In February 2008, Apollo acquired Regent Seven Seas Cruises from Carlson Companies for $ 1 billion. Following the purchase, Apollo ordered a new ship for Regent. In April 2008, Apollo, TPG Capital , and The Blackstone Group acquired $ 12.5 billion of bank loans from Citigroup . The portfolio comprised primarily senior secured loans that had been made to finance leveraged-buyout transactions at

3827-469: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

3916-487: The business Verso Paper. Verso is the second-largest producer of the North American magazine publishing and catalog/commercial print markets. In May 2008, Verso became a public company via an IPO. In February 2007, Apollo acquired Oceania Cruises for $ 850 million and provided additional capital to fund the expansion of the company with the purchase of two new cruise ships.! In February 2007, Apollo announced

4005-569: The collapse of Drexel Burnham Lambert in 1990 by Leon Black , the former head of Drexel's mergers and acquisitions department, along with Josh Harris and Marc Rowan . Tony Ressler , another former senior Drexel executive, was also among the firm's original members. Within six months after the collapse of Drexel, Apollo launched Apollo Investment Fund L.P., the first of its private-equity investment funds, formed to make investments in distressed companies. Apollo raised around $ 400 million of investor commitments based on Leon Black's reputation as

4094-742: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

4183-654: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

4272-567: The company announced the sale of its built environment consulting business to WSP Global Inc in exchange for approximately US$ 1.9billion. In April 2023, the American private equity firm Apollo Global Management , following four rejected bids to do so, walked away from negotiations to take over John Wood Group. During May 2024, the company rejected a £1.4bn takeover offer made by the Dubai -based competitor Sidara, which “fundamentally undervalued”

4361-433: The company with additional financial flexibility. In December 2008, Apollo completed fundraising for its latest fund, Apollo Investment Fund VII, with roughly $ 14.7 billion of investor commitments. Apollo had been targeting $ 15 billion, but had been in fundraising for more than 16 months, with the bulk of the capital raised in 2007. In November 2009, Liberty Global acquired Unity Media GMBH; funds managed by Apollo owned

4450-532: The company. Wood provides consultation, management of assets and engineering services for the energy and materials sector. Multinational corporation Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were

4539-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

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4628-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

4717-897: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Apollo Global Management Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets . As of 2022 , the company had $ 548 billion of assets under management, including $ 392 billion invested in credit, including mezzanine capital , hedge funds , non-performing loans , and collateralized loan obligations , $ 99 billion invested in private equity , and $ 46.2 billion invested in real assets, which includes real estate and infrastructure . The company invests money on behalf of pension funds , financial endowments , and sovereign wealth funds , as well as other institutional and individual investors. Apollo

4806-465: The equity of the company through a bankruptcy reorganization or other restructuring. Apollo used distressed debt as an entry point, enabling the firm to invest in such firms as Vail Resorts , Walter Industries , Culligan , and Samsonite . Apollo acquired interests in companies that Drexel had helped finance by purchasing high-yield bonds from failed savings and loans and insurance companies. Apollo acquired several large portfolios of assets from

4895-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

4984-426: The firm to found Pegasus Capital Advisors. Since its inception, Pegasus has raised $ 1.8 billion in four private-equity funds focused on investments in middle-market companies in financial distress. In 1997, Ares Management was founded by Antony Ressler and John H. Kissick, both partners at Apollo, as well as Bennett Rosenthal, who joined the group from the global leveraged finance group at Merrill Lynch , to manage

5073-438: The founders of Ares had completed a corporate spin-off with the formation of the firm in 1997, they had initially maintained a close relationship with Apollo and operated as the West Coast affiliate of Apollo. . In 2002, when Ares raised its first corporate opportunities fund, the firm announced that it would separate from its former parent company. The timing of this separation also coincided with Apollo's legal difficulties with

5162-488: The fund had generated a 54% IRR net of fees. Among the investments made in Fund V (invested through 2006) were Affinion Group , AMC Entertainment , Berry Plastics , Cablecom , Compass Minerals , General Nutrition Centers (GNC), Goodman Global, Hexion Specialty Chemicals ( Borden ), Intelsat , Linens 'n Things , Metals USA, Nalco Investment Holdings , Sourcecorp, Spectrasite Communications , and Unity Media. Although

5251-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

5340-576: The international oil market. Iran was unable to sell any of its oil. In August 1953, the then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by

5429-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

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5518-477: The investments made in Fund III (invested through 1998) were: Alliance Imaging, Allied Waste Industries , Breuners Home Furnishings , Levitz Furniture , Communications Corporation of America , Dominick's , Ralphs (acquired Apollo's Food-4-Less ), Move.com , NRT Incorporated , Pillowtex Corporation , Telemundo , and WMC Mortgage Corporation . Also in 1995, Apollo's founding partner Craig Cogut left

5607-641: The investments made in Fund IV (invested through 2001) were: Allied Waste Industries , AMC Entertainment , Berlitz International , Clark Retail Enterprises, Corporate Express ( Buhrmann ), Encompass Services Corporation, National Financial Partners, Pacer International , Rent-A-Center , Resolution Performance Products , Resolution Specialty Materials , Sirius Satellite Radio , SkyTerra Communications, United Rentals , and Wyndham Worldwide . In April 2001, Apollo raised Apollo Investment Fund V with $ 3.7 billion of investor commitments. As of April 8, 2008,

5696-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

5785-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

5874-494: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

5963-543: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

6052-456: The months following the transaction, John Wood Group opted to sell off some of the recently-acquired portions of Amec Foster Wheeler, including its North Sea oil & gas interests and its North American nuclear operation. During the 2010s, John Wood Group was involved in the design and construction of several civil nuclear power stations across the UK. In 2020, the company's nuclear division, including its decommissioning work at Sellafield ,

6141-522: The onset of its operations, the company benefited greatly from a decision made by JW Holdings to diversify into the energy services business at the outset of the North Sea oil industry in the early 1970s. In September 2000, John Wood Group acquired the Texas-based oil rig business Mustang Engineering Inc. for $ 137.5 million. Prior to the purchase, the business employed 6,000 staff worldwide while

6230-401: The peak of the market. Citigroup had been unable to syndicate the loans before the onset of the credit crunch. The loans were reported to have been sold in the "mid-80 cents on the dollar" relative to face value. In late 2008, Apollo received margin calls associated with the financing of its purchase of certain loan portfolios as the values of the loans decreased. In April 2008, Apollo filed

6319-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

6408-432: The private equity market was booming. Among Apollo's most notable investments during this period were Harrah's Entertainment , Norwegian Cruise Line , Claire's Stores , and Realogy . In 2006, Apollo acquired Rexnord Corporation for $ 1.825 billion, Berry Plastics for $ 2.25 billion, Momentive Performance Materials for approximately $ 3.8 billion, and TNT N.V. for $ 1.9 billion. In August 2006, Apollo launched

6497-610: The purchase Mustang Engineering Inc, which was renamed Wood Group Mustang , added another 1,200 employees. Post-purchase, the entity has continued to operate as a subsidiary of John Wood Group. During 2002, following several years of speculation that the company would do so, John Wood Group was listed on the London Stock Exchange . In 2011, the company sold off its well support division to General Electric (GE) in exchange for $ 2.8 billion (£1.73 billion); it also conducted unsuccessful negotiations with GE over prospective co-operation on its gas turbine business as well. That same year,

6586-510: The purchase. In 1993, Apollo Real Estate Advisers was founded in collaboration with William Mack to seek opportunities in the U.S. property markets. In April 1993, Apollo Real Estate Investment Fund, L.P., the first in a family of real estate "opportunity funds", was closed with $ 500 million of investor commitments. In 2000, Apollo exited the partnership, which continued to operate as Apollo Real Estate Advisers until changing its name to AREA Property Partners effective January 15, 2009. That firm

6675-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

6764-501: The strong influence of the United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

6853-421: The unprofitable Great Wolf Resorts for $ 703 million. In November 2012, Apollo acquired McGraw-Hill Education for $ 2.5 billion. In 2013, Apollo acquired Pitney Bowes Management Services (PBMS) for $ 400 million. From PBMS, Apollo formed Novitex Enterprise Solutions. Novitex is a document-outsourcing provider that manages business-critical services for over 500 companies across 10 industries. In 2017, it

6942-499: The weeks following that sale. AAA was formed to invest alongside Apollo's main private-equity funds and hedge funds. AAA's investment portfolio was made up of a mix of private-equity and capital-markets investments. It was liquidated in 2020. In October 2006, Apollo announced a $ 990 million leveraged buyout of Jacuzzi Brands , a manufacturer of whirlpool baths. In 2006, Apollo acquired International Paper 's coated paper and supercalendered paper business for $ 1.4 billion, renaming

7031-496: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States

7120-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

7209-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

7298-463: Was acquiring Huntsman Corporation , a major specialty-chemicals company, in a $ 6.5 billion leveraged buyout. Hexion announced in June 2008 it would refuse to close the deal, prompting a series of legal actions. The transaction was terminated in December after a settlement between Hexion and Huntsman, wherein they were required to pay Huntsman $ 1 billion to drop fraud charges. Between 2005 and 2007,

7387-438: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for the seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and

7476-823: Was founded in 1990 by Leon Black , Josh Harris , and Marc Rowan , former investment bankers at the defunct Drexel Burnham Lambert . The company is headquartered in the Solow Building in New York City , with offices across North America, Europe, and Asia. Among the most notable companies in which funds managed by the company have invested are ADT Inc. , CareerBuilder , Cox Media Group , Intrado , Legendary Entertainment , Rackspace Technology , Redbox , Shutterfly , Sirius Satellite Radio , Qdoba , Smart & Final , The Restaurant Group , University of Phoenix , and Yahoo Inc. In addition to its private funds, Apollo operates Apollo Investment Corporation (AIC),

7565-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

7654-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

7743-538: Was sold to the American conglomerate Jacobs Engineering Group in exchange for £250 million. The proceeds of the sale were stated to by used to reduce company debt and support its increasing focus on growing areas like renewables . In February 2022, John Wood Group announced that it would make a loss of approximately US$ 222million on an Aegis Ballistic Missile Defense System facility for the United States Army Corps of Engineers . During June 2022,

7832-513: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, the United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production

7921-517: Was then owned and controlled by its remaining principals, including William Mack, Lee Neibart, William Benjamin, John Jacobsson, Stuart Koenig, and Richard Mack. In 1995, Apollo raised its third private-equity fund, Apollo Investment Fund III, with $ 1.5 billion of investor commitments from investors that included CalPERS and the General Motors pension fund. Fund III was only an average performer for private-equity funds of its vintage. Among

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