China Oceanwide buys GE sloppy insurance seconds

October 24, 2016

The private conglomerate run by Lu Zhiqiang is paying $2.7 bln for U.S. insurer Genworth Financial, which was spun out of the industrial giant and has since wasted away. It is not clear the Chinese buyer has what it takes to turn around Genworth, but the deal puts it on the map.

Aussie gambling deal faces better odds as takeover

October 19, 2016

Betting group Tabcorp is buying larger rival Tatts for almost $5 bln in stock and cash. The set-up makes more sense than last year's aborted merger, and the combined group would be better placed to take on foreign bookies. The real gamble is with antitrust regulators.

Alibaba courier aims high with New York IPO

October 18, 2016

Chinese logistics group ZTO Express wants to raise up to $1.3 bln through a New York flotation. Sales are soaring, thanks to the e-commerce boom. But rival couriers are also scaling up. ZTO lacks the market dominance or margins to justify an Alibaba-style premium valuation.

Review: India’s flashier tycoons are best avoided

October 14, 2016

In a country full of colourful businessmen, shareholders gain most from backing introverts. Saurabh Mukherjea’s "The Unusual Billionaires" singles out those behind the 1 pct of Indian firms that generate superior returns. It's a reminder that crony capitalism no longer pays.

Kirin finds crafty M&A distraction in Brooklyn

October 13, 2016

The Tokyo group is buying nearly a quarter of Brooklyn Brewery. Kirin faces structural and strategic issues. But this small acquisition, which follows some duff deal-making, should help keep Kirin on top of the craft-beer revolution as it belatedly washes over Japan.

Huawei and Lenovo salivate at Samsung phone fail

October 12, 2016

The South Korean group's decision to scrap the Note 7 smartphone is a golden opportunity for Chinese rivals like Huawei and Lenovo to capture share in developed markets, while expanding into the premium segment. Execution will be key, and Huawei looks better prepared.

HNA’s $10 bln leasing bet could fly

October 7, 2016

The acquisitive Chinese group will pay just over one times book value for CIT's aircraft leasing unit. That is decent compared to recent deals. Competition in leasing is fierce, and returns can be low, but HNA's increasingly global reach means it is well-placed to grow.

Activist attack gives Samsung cover to restructure

October 6, 2016

Activist fund Elliott is picking on the South Korean group again. This time it wants Samsung Electronics to split in two and pay a special dividend. Yet the proposal would also strengthen the ruling Lee family's control. Samsung may actually gain by cooperating with Elliott.

Evergrande finally hits on some sensible M&A

October 4, 2016

The debt-laden developer plans to swap assets for control of a mainland rival. By acquiring the $1.6 bln Shenzhen Real Estate, Evergrande may win higher valuations onshore. Assuming the overhaul gets past regulators and investors, this makes more sense than other recent deals.

Golden Chinese shopping spree will tarnish soon

October 3, 2016

China's "Golden Week" holiday will see mainland tourists splurging in bazaars from Milan to Macau. Retailers should enjoy it while it lasts. Tax cuts will make shopping at home less painful, and younger Chinese prefer experiences to handbags. That will cap future growth.