WHEN an internationally known name in software is impaled on the cleft stick of ferocious competition and dwindling market share, its share price on the slide, vultures circling overhead, it is handy to have an impossibly wealthy Arab prince emerge from the shadows to pump in some necessary rescue capital.
Beleaguered Apple Computer is the latest company to draw on the mighty chequebook of an Arab Sheik rejoicing in the name of Saudi Prince Alwaleed Bin Talan Bin Abdulaziz, an entrepreneur with a penchant for identifying ailing companies with potential. Over the past few weeks he has personally acquired 5 per cent of Apple shares for an estimated $115 million. The Prince, a sort of Arabian Gulf version of Dermot Desmond - only with a longer name and deeper pockets - is now the largest shareholder in Apple after American Express. With the shares rated at a lowly $17, the manufacturer of the legendary Apple Mac personal computer is beginning to attract either investors or speculators, depending on your perspective. The Prince's princely offer values the entire computer company at just over $2 billion.
Barely a week ago Larry Ellison, chief executive of US software group Oracle, ran a flag up the flagpost that he was interested in fronting a consortium which would consider making an offer for the entire Apple equity. No one saluted, although Apple is understood to presently on the lookout for a buyer.
The prince has a reputation for profitable cheque-writing. Known in Europe for his life-saving financing of the ailing Disneyland Paris theme park, Alwaleed has also carved out an investment reputation in the US, having 12 years ago bought into the once stricken Citicorp bank at under $10 a share. Today Citicorp is one of the nation's biggest banks with a share price valued close to $110.
