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Edward Lampert: Billionaire May See Bigger Payday From Kmart Holdings

March 11, 2005

NEW YORK - Doers and doings in business, entertainment and technology:

You can't keep a good billionaire down: Edward Lampert's wealth got a healthy shove today, after an investment bank said the Kmart Holding (nasdaq: KMRT - news - people ) takeover of Sears Roebuck (nyse: S - news - people ) could push Kmart stock to $160--higher than Wal-Mart Stores (nyse: WMT - news - people ), Target (nyse: TGT - news - people ) and Kohl's (nyse: KSS - news - people ) combined. Kmart shares obligingly rose 10% to $124.24 in early afternoon trading. Chairman Lampert is already significantly richer than last year: He is No. 243 on Forbes' list of The World's Richest People for 2005, with a net worth of $2.5 billion, up from $1.5 billion on last year's list. Lampert steered Kmart out of its 2003 bankruptcy to its takeover of one of the most storied names in American retailing. Sears shareholders will vote on his $11 billion merger proposal in two weeks

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