TIAA-CREF Bets On Billabong PE Turnaround With New Stake

Law360, New York (February 6, 2013, 12:43 PM EST) -- Institutional investor TIAA-CREF has taken a 5.2 percent stake in Billabong International Ltd., the company confirmed Wednesday, betting that one of two looming AU$527 million (US$556 million) private equity-backed buyout bids pans out and sparks a turnround for the struggling clothier.

The major insurance operator commonly called TIAA-CREF, which stands for Teachers Insurance and Annuity Association-College Retirement Equities Fund, had been quietly building up its Billabong interest since October. The group, which in addition to its insurance business manages more than $500 billion in retirement funds...
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