Nov 11, 2014 12:12 UTC

BNP Paribas could make an MPS merger work

Photo

By Neil Unmack

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

BNP Paribas should be thinking seriously about Banca Monte dei Paschi. After this year’s $8.9 billion fine from U.S regulators, the French bank’s shareholders probably feel they’ve had enough excitement. But looking past the risks, there would be logic to swooping on the Tuscan lender.

Nov 6, 2014 16:45 UTC

Cable M&A wave washes over the Caribbean

Photo

By Quentin Webb

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

The cable M&A wave has hit the Caribbean. London-listed Cable & Wireless Communications will buy private cable group Columbus International for $3 billion including debt. With this deal, CWC aims to become the region’s top “quad-play” operator, selling mobile, landline, television and broadband together. The deal is pricey, unexpected, oddly structured and brave. But as in several European deals, the potential to cut costs and grow faster might offset these concerns.

Nov 5, 2014 19:13 UTC

Carlyle buys a shovel-maker for deal gold rush

Photo

By Quentin Webb

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

In a gold rush, it pays to sell the shovels. Carlyle, the U.S.-based private equity firm, is teaming up with British publisher Euromoney to test the adage for the modern era. With stock sales, debt issuance and M&A booming, they’re acquiring Dealogic, a seller of financial data, for $700 million.

Nov 3, 2014 18:03 UTC

LabCorp deal tests positive for value destruction

Photo

By Robert Cyran

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

Laboratory Corp of America’s $6.1 billion deal for Covance tests positive for value destruction. The strategic logic behind adding the clinical trial outsourcer to the firm that checks patients’ blood and other fluids is hazy. Shareholders’ financial diagnosis is damning, too. They swabbed some $700 million off LabCorp as cost cuts fell far short of the 32 percent premium paid.

Nov 3, 2014 15:07 UTC

Publicis overpays with $3.7 bln digital takeover

Photo

By Quentin Webb

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

Publicis is overpaying for a digital reboot. Performance is faltering at the French advertising giant after a failed transatlantic merger. The $3.7 billion purchase of U.S. group Sapient looks like a pricey distraction.

Oct 27, 2014 17:50 UTC

Chiquita inversion slips on cash appeal

Photo

By Jeffrey Goldfarb

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

Chiquita shareholders got yellow and chose green. They voted down a stock deal to acquire Irish produce distributor Fyffes, a decision that led the U.S. banana company on Monday to agree to sell to Brazilian buyers for about $680 million in cash instead. Ailing arbitrageurs, a revolt against tax-driven mergers and global economic ructions all led to the path of least uncertainty.

Oct 20, 2014 18:49 UTC

Adidas can’t afford to be sentimental about Reebok

Photo

By Olaf Storbeck

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

Unwinding the ill-fated acquisition of Reebok could offer a much-needed new start for German sportswear maker Adidas.

Oct 15, 2014 18:31 UTC

Qualcomm signals $2.5 bln belief in Bluetooth

Photo

By Dominic Elliott

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

Qualcomm’s 1.6 billion pound ($2.5 billion) deal to buy Britain’s CSR sends a positive signal to rivals on Bluetooth. The U.S. chipmaker’s $120 billion market cap means the purchase isn’t a stretch – but it comes at a high price and an odd time.

Oct 7, 2014 18:04 UTC

Free spirit (and marketing power) of Lollapalooza doesn’t come cheap

Photo

By Rob Cox

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

Cable cowboy John Malone and Jane’s Addiction front man Perry Farrell rarely come up in the same context. It turns out, however, that there are far fewer than six degrees of separation between the 73-year-old Liberty Media billionaire and the singer of “Been Caught Stealing.”

Oct 7, 2014 16:38 UTC

Glencore Rio takeover would be harder than Xstrata

Photo

By Kevin Allison

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

A Rio Tinto takeover would be harder than Glencore’s 2012 swoop on rival Xstrata. While there’s some logic to a tie-up with the world’s second-biggest iron ore producer, the Swiss miner-trader will be loath to pay a big premium, and the culture clash would be extreme. Rio is also in a better position than Xstrata to resist.