Breakingviews

RWE and DONG at opposite ends of green power shift

May 12, 2016

The soon-to-IPO Danish utility DONG embraced renewable energy early. The result is strong growth and healthy returns. Late movers like German RWE are suffering badly. Its shares have more than halved in three years. Capital is leaving the old and dirty, and going into the new.

Denmark is another costly refuge

June 22, 2012

In search of a safe haven? Denmark ticks the boxes. The economy is strong and the krone isn’t the euro, but shadows it. Tempted investors should think hard. The central bank is against them and two-year yields are negative. Investors only win if Germany exits the euro.

Lego clan beats Goldman in $1.5 bln ISS float

March 14, 2014

An investment by the toymaker’s founding family helped cleaning giant ISS cut debt in 2012. At IPO this brought a 41 pct annual return. That beats the result for EQT and Goldman Sachs. They can just be glad to be out after over eight years of ownership and several failed exits.