At a time when governments are launching a fierce assault on tax havens, the [part of] Fortis now owned by the Dutch government is pressing ahead with plans to sell a tax administration and structuring business.
While it might seem an inopportune time to sell a business helping groups to pay as little tax as possible, several private equity offers have been made for Intertrust close to its €350m ($490m) asking price.
General Atlantic, CVC Capital Partners and Permira are among those private equity groups that decided to push ahead with first-round bids for Intertrust. This week they were waiting to hear if they had reached the second round.
Looks like private equity is pretty dedicated to maintaining offshore abuse by private equity then.
I guess some things don’t change.
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[…] Richard Murphy: “Private equity is pretty dedicated to maintaining offshore abuse by private […]
Ill informed comment serves no one other than those seeking to deflect the spotlight. Intertrust has it’s largest business onshore in The Netherlands. Private Equity will go anywhere if there is money it it.
“Private Equity will go anywhere if there is money it it.” Exactly – their sole consideration is making as much money as possible in the shortest possible time, with no regard whatsoever for anything or anybody else. Which proves Richard’s point.