10.10.2008 - Billionaire Rupert may ally to buy distressed assets
From Bloomberg: Johann Rupert, the South African billionaire whose family controls Cie. Financiere Richemont SA, said he may ally with sovereign wealth funds to snap up assets after the credit crunch caused prices to collapse. "I'm seeing very interesting opportunities right now, distressed sellers, but I don't think they'll disappear,'' Rupert said today in an interview after Richemont investors approved a plan to spin off a separate investment company called Reinet. Reinet may cooperate with other "major'' funds and "one or two'' sovereign wealth funds, the billionaire said.... Full Article: Source