The reason it did not have to was that Mr. Norman was unable to substantiate how much of the debt was allocable to the portion of the property that he wanted to carve off.

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The idea of working with a private equity company like Blackstone is that BHP would be able to take Alcoa's core mining and exploration assets and then carve off other, unwanted units for its partner.

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Hoping to differentiate themselves from YouTube and carve off some of its market share, two of the biggest online video sites are cozying up to creators, offering them new resources to help them produce and profit from their passion projects.

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Carrefour did so after French billionaire Bernard Arnault teamed up with Colony Capital, an American real estate fund, to buy 10% of the hypermarket concern earlier in the year. (See: "Carrefour Drops As Arnault Takes Stake") After the purchase, the new shareholders reportedly put pressure on management to carve off the property assets.

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Zaheer was caught behind trying to carve him through the off-side and Sreesanth went two balls later when he guided a catch to second slip.

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He stayed to carve Thissara Perera over the off-side for two boundaries, before being bowled round his legs by the same bowler.

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Blue Mountain expects that valuation to converge toward replacement cost, which could carve more than 80% off the share price of the Australian equity.

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In practice, this is unacceptable: hence the carve-out, which takes money off the top for management.

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Veterans carve long paths through the surf while novices balance for a few seconds before falling off.

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