The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Pfizer’s planned offer for AstraZeneca is a poor test case for almost any big question about big corporate acquisitions. The weaknesses of everyone involved in the potential deal only bring out the futility of the whole idea that big companies have owners.
Coca-Cola’s plan to give generous awards of shares to executives has angered some of its shareholders. They have good reason to complain about the potential transfer of about 15 percent of the company to the top 1 percent of its staff. But Coke is only pushing the already bad idea of share-based pay to a foolish extreme.
I have nothing against Stephen Elop. The former and future Microsoft executive seems to have done a pretty good job running Nokia. It’s a little awkward that he was offered $7.3 million to move from Microsoft to the Finnish phone-maker and stands to receive $25.4 million to rejoin the his former employer. But the tech industry often has a slightly incestuous feeling, and there were plausible strategic arguments for both moves. Elop did what almost any senior American executive would have done – negotiated and renegotiated favourable contracts.