Perelman Begins Unwinding Multibillion Dollar Empire With Sale

Ronald Perelman, the billionaire looking to rework his MacAndrews & Forbes investment empire, is selling his majority stake in Humvee maker AM General.

The move to sell the auto manufacturer, one of Perelman’s largest assets, marks the start of what could be a significant shakeup for his vast holdings, which span cosmetics, military vehicles, pharmaceuticals and business services.

Ronald Perelman

Private equity firm KPS Capital Partners said Wednesday that it signedan agreement to acquire AM General for an undisclosed amount. The South Bend, Indiana-based company has built in excess of 1 million vehicles in the past 100 years ...