INSIDE THE NUMBERS - Strategic initiative

In the battle for bankrupt company assets, strategic acquirers have outflanked their private equity adversaries. Strategic buyers captured $30.3 billion, or 73.7%, of the volume of bankruptcy M&A last year, compared with 72.2% in 2003. PE purchasers, meanwhile, retreated to 13.5%, from a high vantage point of 27.8% in 2003.

OAO Rosneft’s acquisition of 9.44% of its own shares from insolvent energy company OAO NK Yukos for $7.6 billion qualified as the largest deal launched by a strategic buyer last year. The buyout battalion’s counteroffensive was a $1.1 billion strike: Cerberus Capital Management LP pounced on bankrupt auto parts maker Tower Automotive LLC.

— Mike Schoeck