October 1, 1990 |
John Elliott, who turned a small fruit and jam canner into the world's fourth-largest brewer, has become another swashbuckling Australian tycoon whose corporate ship has run aground. Just 12 months ago, Elliott, head of the Elders IXL brewing, agriculture and finance group, said he was putting together a rescue plan for embattled businessman Alan Bond, who resigned last week as chairman of debt-laden Bond Corp. Now Elliott has had to erect a safety net of his own.
September 25, 1989 |
The giant Australian conglomerate Elders IXL reported a 5% fall in annual profit despite an increased thirst for its Foster's Lager. Grain trading mistakes and bad debts in its finance division eroded profits. "We made a series of wrong judgments, but we're not likely to do that again," Elders Agribusiness managing director Michael Nugent said. "It was a satisfactory result from a very frustrating year," Chairman John Elliott said after the company announced a $503-million profit.
July 23, 1989 |
At first, the reaction was bemusement, with references to Crocodile Dundee. Then, there was amazement as brash Australian investors began to conquer some of America's corporate giants, with the enthusiastic help of international bankers who financed their deals to the hilt. But now, the glory days of the charismatic, globe-trotting Aussie entrepreneur appear to be on the wane.