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Nov 3, 2015
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Candy Crush bid relies on hope over experience

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

Candy Crush-maker King Digital Entertainment’s latest play will leave investors short of the sugar-like high its biggest hit often induces. The London-based maker of the sweet-matching mobile game is selling out to Activision Blizzard for $5.9 billion, at a price below last year’s initial public offering.

Nov 3, 2015
via Breakingviews

Candy Crush bid relies on hope over experience

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

Candy Crush-maker King Digital Entertainment’s latest play will leave investors short of the sugar-like high its biggest hit often induces. The London-based maker of the sweet-matching mobile game is selling out to Activision Blizzard for $5.9 billion, at a price below last year’s initial public offering.

Nov 2, 2015
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Shire pays up for easier prey than Baxalta

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

Dyax has proved easier prey for Shire than Baxalta, but it’s far from cheap. Midway through its proposed deal for $24 billion Baxalta, the Irish pharma group is offering $6 billion for the developer of a treatment against a rare swelling disorder. The deal relies on bold assumptions and could take years to pay off.

Nov 2, 2015
via Breakingviews

Shire pays up for easier prey than Baxalta

Photo

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

Dyax has proved easier prey for Shire than Baxalta, but it’s far from cheap. Midway through its proposed deal for $24 billion Baxalta, the Irish pharma group is offering $6 billion for the developer of a treatment against a rare swelling disorder. The deal relies on bold assumptions and could take years to pay off.

Nov 2, 2015
via Breakingviews

Greek banks get marginally more investable

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

Greek banks are becoming marginally more investable. European Central Bank stress tests published on Oct. 31 revealed a 14 billion euro capital hole. The tests were doubly tough: the pass mark was high, and the state will not prevent shareholder dilution. Yet banks are stuck with bad loans and the economic outlook is unclear.

Oct 23, 2015
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Italy regains market cred with Poste Italiane IPO

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

Italy’s part-privatisation of its post office recoups some much-needed market credibility. Poste Italiane’s oversubscribed 3.4 billion euro share sale leaves the company mainly government-owned and does little to cut Italy’s debt. Still, a smooth deal is good for the country’s image and atones for some past misdemeanours.

Oct 23, 2015
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Italy regains market cred with Poste Italiane IPO

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

Italy’s part-privatisation of its post office recoups some much-needed market credibility. Poste Italiane’s oversubscribed 3.4 billion euro share sale leaves the company mainly government-owned and does little to cut Italy’s debt. Still, a smooth deal is good for the country’s image and atones for some past misdemeanours.

Oct 21, 2015
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Syngenta CEO exit opens door to opportunists

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The departure of Syngenta’s chief executive may open the door to opportunists. The Swiss agrochemical company’s shareholders had grumbled that Mike Mack and his board were too quick to reject a bid from U.S. rival Monsanto. New leadership may be more credible than Mack at cutting costs – if they get the chance.

Mack left of his own volition, but he committed three mistakes. His plan to boost margins did not convince. After Monsanto abandoned its takeover approach, Mack’s follow-up plan – selling the profitable vegetable seeds business to fund a buyback – looked like a knee-jerk reaction. Shareholders grew more restive as Syngenta’s share price slipped, closing 30 percent below Monsanto’s offer price of 449 Swiss francs on Oct. 20.

Oct 21, 2015
via Breakingviews

Syngenta CEO exit opens door to opportunists

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The departure of Syngenta’s chief executive may open the door to opportunists. The Swiss agrochemical company’s shareholders had grumbled that Mike Mack and his board were too quick to reject a bid from U.S. rival Monsanto. New leadership may be more credible than Mack at cutting costs – if they get the chance.

Mack left of his own volition, but he committed three mistakes. His plan to boost margins did not convince. After Monsanto abandoned its takeover approach, Mack’s follow-up plan – selling the profitable vegetable seeds business to fund a buyback – looked like a knee-jerk reaction. Shareholders grew more restive as Syngenta’s share price slipped, closing 30 percent below Monsanto’s offer price of 449 Swiss francs on Oct. 20.

Oct 16, 2015
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Piraeus debt swap makes most sense for Greek bulls

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

Piraeus’ new debt swap makes most sense for Hellenic bulls. The Greek bank’s debt-for-equity deal, offered to investors on Oct. 15, is a tasty prospect for those that reckon Greece is out of the woods. But those who take a more bearish stance should give it a miss.

    • About Neil

      "Neil Unmack is a Reuters Breakingviews columnist based in London. He covers credit markets, hedge funds, and Italy. Previously he was a corporate finance reporter at Bloomberg News in London. He started his career as a financial journalist in 2001 at Euromoney Institutional Investor, where he covered structured finance for EuroWeek magazine. He was educated at Eton College and Oxford University, graduating with a first class degree in modern languages. Follow Neil on Twitter @unmack1"
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