Breakingviews

Flaky Iliad bid muddies T-Mobile US sale odyssey

August 1, 2014

The $16 bln French telco has offered $15 bln for 57 pct of the No. 4 U.S. mobile operator. That’s bold, with financing not immediately to hand and the claimed premium reliant on improbable synergies. But the intervention may intensify antitrust objections to Sprint’s rival offer.

AT&T puts shareholders on hold for DirecTV

May 19, 2014

Its $67 bln offer to buy the satellite TV operator comes with an unexpectedly robust $1.6 bln of cost savings. Even so, these don’t quite cover the 30 pct premium AT&T is paying and will be spent on rural broadband service anyway. Customers and regulators get the first call.

AT&T deal dialing emits a shaky signal

May 13, 2014

First, it wanted T-Mobile US for more domestic subscribers. After regulators nixed the idea and Verizon cleaned up its wireless JV, AT&T pursued Vodafone for European growth. Now, DirecTV or Dish beckons at home. The rationale is questionable and the broader strategy wayward.

Rob Cox: The worry now is a brewing M&A bubble

May 13, 2014

The corporate urge to merge has gone into global hyper-drive. Activity has surged as investors egg companies on and bid up the shares of acquirers well beyond mathematical prudence. When new metrics to justify the irrational are trotted out, it’s time to exercise caution.

JPM creates loan envy with $20 billion AT&T financing

March 31, 2011

Jamie Dimon's record-setting $20 billion financing for AT&T is turning bankers green the world over.