Aug 12, 2013 19:13 UTC

Plummeting BlackBerry would stain any buyout

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

At the rate BlackBerry is plummeting, it would stain any buyout. A clean balance sheet makes the $5.4 billion Canadian company an enticing takeover candidate. Like Dell, it’s a technology icon in need of a turnaround. BlackBerry’s cash flow is worse, though, meaning applying leverage would be extra risky. And the Palm precedent should scare corporate buyers.

Aug 9, 2013 18:17 UTC

Carlos Slim offers escape route to KPN investors

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By Chris Hughes

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

Carlos Slim has offered an escape route to KPN investors. The Mexican tycoon’s America Movil says it intends to make a 7.2 billion euro offer for the 70 percent of the Dutch telecoms group it doesn’t already own. It’s the start of a saga that could end in a substantially higher offer. But investors should be realistic – that’s a big “could”.

Aug 2, 2013 18:18 UTC

Flawed Dell compromise saves faces all round

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By Robert Cyran

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

A flawed compromise on the buyout of Dell will save faces all round. Letting the $24 billion transaction fade away would have hurt most shareholders, the board and the company’s eponymous founder. A 2 percent hike in the offer price by buyers Michael Dell and Silver Lake Partners in return for a tweaked voting procedure won’t delight anyone – but it should seal the deal.

Aug 1, 2013 09:16 UTC

Indonesia biggest loser from bank merger flop

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By Peter Thal Larsen

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

There are no winners from DBS’s failed takeover of Indonesia’s Danamon. But the biggest loser is Indonesia’s attractiveness as a destination for foreign investment.

Jul 29, 2013 13:54 UTC

“Equality” in Big Ad merger may be hard to sustain

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By Chris Hughes and Quentin Webb

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

The merger of equals between Publicis and Omnicom is easier to proclaim than to sustain. The combination of the two advertising groups is neat, but it carries risks. Mergers of equals have a bad name. That used to be because U.S. deals were wedged into the structure just to benefit from more generous tax rules. Nowadays, it is more often because they are a nil-premium takeover in disguise, with one company winning the battle for board seats, head-office location and name.

Jul 26, 2013 14:34 UTC

Vivendi compromises to get shot of Activision

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By Quentin Webb

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

Vivendi has compromised to get shot of Activision Blizzard. The media and telecoms conglomerate is selling the bulk of its 61.1 percent stake in the U.S. video games maker for $8.2 billion. This caps a hectic week for the French group, after a network-sharing deal at home, and the 4.2 billion euro sale of Maroc Telecom. Investors will be pleased that Vivendi’s reinvention is finally taking shape. But in neither disposal has Vivendi realised the premium that usually comes with ceding control.

Jul 23, 2013 14:13 UTC

KPN’s 8.1 bln euro German retreat is at full value

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By Quentin Webb

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

KPN has engineered a fully valued retreat from Germany. The Dutch telecoms group is selling its E-Plus mobile unit to Telefonica Deutschland, the local unit of the Spanish telecoms giant. KPN reckons the cash-and-shares transaction values the business at 8.1 billion euros ($10.7 billion) or 9 times 2013 EBITDA. The exact number is open to debate. But the price is rich by sector standards and gives KPN a good chunk of the hefty synergies.

Jul 18, 2013 20:31 UTC

Dell shareholders get time to come to their senses

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

Dell shareholders have been granted time to come to their senses. With the vote on a $24.4 billion sale too close to call, the PC maker on Thursday put off the decision for a week. Either the hope of a sweetened bid from Michael Dell and Silver Lake Partners or Carl Icahn’s eleventh-hour lobbying proved too alluring. Sleeping on the matter a bit longer, though, should make Dell’s hard reality clear.

Jul 12, 2013 17:30 UTC

Fruity American M&A saga may be about to ripen

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By Jeffrey Goldfarb

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

An epic American M&A saga may be about to come full circle. Nearly 25 years after it was carved up in a landmark deal, much of fruit group Del Monte could be put back together. Along the way, the U.S. food giant has become an enormous part of Wall Street – and even City of London – lore. It’s practically a textbook unto itself for merger lawyers and bankers.

Jul 12, 2013 14:19 UTC

Schneider has powerful chance of winning Invensys

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By Quentin Webb

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

Schneider Electric has a powerful chance of snaring Invensys. The French group has tentatively offered 3.3 billion pounds for the British engineer. The pitch has sparked hopes of a bidding war and industrial giants such as ABB, Emerson and GE will surely look. But the “for sale” has hung over Invensys for months – and this is a pretty full price.