Nov 11, 2014 22:42 UTC

Steve Cohen’s loot could land in undeserving hands

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By Reynolds Holding

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

SAC Capital’s ill-gotten gains could be headed for undeserving pockets. A $600 million settlement between Steve Cohen’s hedge fund – now called Point72 Asset Management – and the U.S. Securities and Exchange Commission will go to investors on the other side of the illegal transactions. Better them than Uncle Sam. But the real victims were drug firms Elan and Wyeth, whose data SAC’s trader misappropriated.

Nov 6, 2014 16:45 UTC

Cable M&A wave washes over the Caribbean

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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

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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

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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.

Oct 29, 2014 07:25 UTC

Train merger could be China’s ticket to elite club

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By Ethan Bilby

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

China’s bullet-train builders are on track for a tie-up that might help secure membership of an elite club. At first glance, merging CNR and CSR into a domestic monopoly sounds like a step backwards. But it would help China better compete against an oligopoly of big, rich-world rivals. For a growing superpower, that probably seems a good enough reason to bend the market norms.

Oct 27, 2014 17:50 UTC

Chiquita inversion slips on cash appeal

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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

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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 20, 2014 13:18 UTC

Nutreco’s $3 bln buyout shows value of food chain

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By Quentin Webb

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

A $3.4 billion buyout of Nutreco highlights the value in the food chain. A wealthy Dutch family is planning to gobble up the Amsterdam-listed animal and fish-feed specialist. With no financial overlap, this looks like a long-term bet on the world’s growing hunger for protein.

Oct 15, 2014 18:31 UTC

Qualcomm signals $2.5 bln belief in Bluetooth

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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 13, 2014 19:07 UTC

Bankers get painful and needed conflicts reminder

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By Reynolds Holding

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

Bankers just got handed a painful, and necessary, reminder about conflicts of interest. A $76 million penalty against RBC Capital Markets for working both sides of a deal is the latest blow to skewed loyalties. Even with recent knocks against Goldman Sachs and Barclays, however, it isn’t clear the message is reaching Wall Street.