Antony's Feed
Jun 2, 2015

Breakingviews-Hedgies’ Safeway victory puts boards on notice

By Kevin Allison and Antony Currie

CHICAGO/NEW YORK (Reuters Breakingviews) – The victory three
hedge funds have scored in their battle over Albertsons’ $9.4
billion-plus acquisition of Safeway puts board members
everywhere on notice. Cerberus-owned Albertsons has agreed to
pay those investors 27 percent more than the amount all Safeway
shareholders have so far received from the deal since it closed
in January.

That in itself is a worry for board members everywhere. Such
appraisal rights lawsuits, as they are called, allow
shareholders to challenge the price paid for a takeover or
merger, as long as they don’t vote in favor of the deal. It’s
then up to a judge to decide whether more money is warranted.

Jun 1, 2015
via Breakingviews

Review: The slow, painful grind to safer banks

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Billie Jean Cherry hid over 100 boxes of unfiled documents in a storage unit across the street from the bank she helped run. Her long-time colleague Terry Church, after realizing the firm was about to go under, had even more records dumped into a truck from a window on the bank’s third floor, drove them to her house in the mountains of West Virginia and buried them in a trench 10 feet deep, 10 feet wide and 100 feet long.

Jun 1, 2015
via Breakingviews

Review: The slow, painful grind to safer banks

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Billie Jean Cherry hid over 100 boxes of unfiled documents in a storage unit across the street from the bank she helped run. Her long-time colleague Terry Church, after realizing the firm was about to go under, had even more records dumped into a truck from a window on the bank’s third floor, drove them to her house in the mountains of West Virginia and buried them in a trench 10 feet deep, 10 feet wide and 100 feet long.

May 27, 2015
via Breakingviews

Fiat boss fights for car M&A with hand behind back

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Sergio Marchionne is fighting for automobile industry mergers with one hand tied behind his back. The Fiat Chrysler boss argues consolidation will reduce expenses, improve shareholder returns and better prepare carmakers for a boom in assisted and driverless cars. General Motors has already rebuffed his approach, according to the New York Times, in part perhaps because such deals are messy, complex and distracting. Marchionne doesn’t help his cause, though, by playing down the scale of potential cost cuts.

May 27, 2015
via Breakingviews

Fiat boss fights for car M&A with hand behind back

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Sergio Marchionne is fighting for automobile industry mergers with one hand tied behind his back. The Fiat Chrysler boss argues consolidation will reduce expenses, improve shareholder returns and better prepare carmakers for a boom in assisted and driverless cars. General Motors has already rebuffed his approach, according to the New York Times, in part perhaps because such deals are messy, complex and distracting. Marchionne doesn’t help his cause, though, by playing down the scale of potential cost cuts.

May 14, 2015
via Breakingviews

It’s a good time for Visa to charge up in Europe

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

It’s a good time for Visa to charge up overseas. Buying former subsidiary Visa Europe may cost the U.S. payments company as much as $20 billion, according to Bloomberg. There are plenty of reasons to act now.

May 14, 2015
via Breakingviews

It’s a good time for Visa to charge up in Europe

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

It’s a good time for Visa to charge up overseas. Buying former subsidiary Visa Europe may cost the U.S. payments company as much as $20 billion, according to Bloomberg. There are plenty of reasons to act now.

Apr 22, 2015
via Breakingviews

McDonald’s serves up Earth Day nugget

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

McDonald’s has served up an Earth Day nugget. Since 1970, April 22 has become in many countries a semi-official date to ramp up awareness about the environmental state of the planet. The fast food chain chose the eve of this year’s event to announce it is to end its role in deforestation, following agriculture giant Archer Daniels Midland’s lead. Such shifts, though, are bite-sized appetizers at best.

Apr 22, 2015
via Breakingviews

McDonald’s serves up Earth Day nugget

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

McDonald’s has served up an Earth Day nugget. Since 1970, April 22 has become in many countries a semi-official date to ramp up awareness about the environmental state of the planet. The fast food chain chose the eve of this year’s event to announce it is to end its role in deforestation, following agriculture giant Archer Daniels Midland’s lead. Such shifts, though, are bite-sized appetizers at best.

Apr 22, 2015
via Breakingviews

Flash crash case suggests small can be systemic

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

The flash crash of five years ago resurfaced with a bombshell on Tuesday. Prosecutors at the U.S. Department of Justice alongside the Commodity Futures Trading Commission have accused one self-employed UK trader of manipulating futures markets so much that he contributed to the five-minute, 1,000-point plunge in the Dow Jones Industrial Average on May 6, 2010.

    • About Antony

      "Antony Currie has more than a decade of experience as a financial journalist, having worked with Euromoney since 1996, most recently as a U.S. editor. He has worked on assignments in the major financial centers of Europe and the U.S. and written stories on capital markets, global economies and the investment banking industry. He holds a bachelor's degree in German language and literature and a master's degree in politics and international relations from the University of Bristol."
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