They were also successful in establishing joint ventures between state owned telecom companies and international players.

The joint venture, in turns, owns 40 percent of First Boston.

Because Merck owned only half the venture, that means the appraisers valued the company at $5.2 billion.

The venture owns 47 properties in 18 states.

The venture will own and operate the Chalampe plant and will expand capacity to meet future needs of both companies.

"The joint venture owns the hotels," Mr. Green said.

The companies will invest $19 million, with the venture owned 51 percent by Hitachi and 49 percent by Nissan.

Angst is owned by a Swiss-Romanian joint venture.

That venture owns Ferrarelle, Italy's largest bottled water company, as well as extensive interests in cheese, pasta and beer.

It is owned and operated by a joint venture of Caesars Entertainment and Rock Gaming.