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In Brief / ACQUISITIONS

Hilton CEO could get buyout pay

September 12, 2007|From Times Wire Services

The retiring chief executive of Hilton Hotels Corp. will probably receive a severance payment of $10.5 million after the proposed $20.1-billion acquisition of the firm closes this year, Hilton said.

The deal with Blackstone Group provides CEO Stephen F. Bollenbach with the payment if he is involuntarily terminated, as is expected after the deal is complete, Hilton said in a filing.

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