Neil's Feed
Jul 8, 2014
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Shire can get more from AbbVie

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By Neil Unmack and Robert Cyran

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Shire can get more from AbbVie. The London-listed drugmaker is pondering a fresh, $51 billion unsolicited bid from its U.S. rival. AbbVie touts shareholder support and is offering a hefty premium, but Shire’s board can probably extract one more increase in return for their recommendation.

May 28, 2014
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Glaxo wrestles with its past

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By Neil Unmack

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

Investors keep taking hits on GlaxoSmithKline. The pharmaceutical group’s stock price has fallen nearly 10 percent in the last year on the back of weaker sales and bribery accusations in China. News of a criminal investigation in the United Kingdom knocked almost $2 billion of its market capitalisation on Wednesday morning.

May 27, 2014
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Italy’s lesson for Europe: do your homework

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By Neil Unmack

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

Italy has a lesson for Europe: do your homework. The victory of Matteo Renzi’s Democratic Party in European Parliament elections demonstrates that a strong domestic politician can be more appealing than euro-bashing, even in a sickly economy.

May 22, 2014
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Negative rates lost potency as ECB dithered

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By Neil Unmack

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

European Central Bank President Mario Draghi has been dangling negative rates over markets for over a year. In crisis times, a negative deposit rate would have been risky – but potentially powerful. Now the effect would be muted, but still tricky.

May 19, 2014
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Europe slides towards the next Minsky Moment

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By Neil Unmack

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

There’s little doubt that markets think the euro crisis is over. Bond yields have fallen below pre-crisis levels for most of the countries formerly known as peripherals; the grab for southern European assets is a crowded trade. Could this be the prelude to the next Minsky moment?

Apr 28, 2014
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Pfizer needs to do more to win AstraZeneca

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By Neil Unmack

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

Pfizer will need to pile on more pressure if it wants to buy AstraZeneca. The U.S. pharma group has confirmed that it made a $99 billion cash-and-stock approach for its UK peer in January, and is now renewing its suit. Astra Chief Executive Pascal Soriot may ultimately struggle to resist a takeover, but he ought to be able to extract a better proposal.

Apr 28, 2014
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Pfizer needs to do more to win AstraZeneca

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By Neil Unmack

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

Pfizer will need to pile on more pressure if it wants to buy AstraZeneca. The U.S. pharma group has confirmed that it made a $99 billion cash-and-stock approach for its UK peer in January, and is now renewing its suit. Astra Chief Executive Pascal Soriot may ultimately struggle to resist a takeover, but he ought to be able to extract a better proposal.

Apr 4, 2014
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Euro crisis 2.0 will need a new shock absorber

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By Neil Unmack and George Hay

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Future euro zone crises will need a different shock absorber. European banks kept yields down during 2010-13 by buying sovereign debt. New capital rules make this an altogether dicier affair.

Apr 4, 2014
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Euro crisis 2.0 will need a new shock absorber

Photo

By Neil Unmack and George Hay

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Future euro zone crises will need a different shock absorber. European banks kept yields down during 2010-13 by buying sovereign debt. New capital rules make this an altogether dicier affair.

Mar 26, 2014
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Roman corporate governance purge could backfire

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By Neil Unmack

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

Rome’s corporate governance purge could backfire. The Italian Treasury wants state-controlled companies to force anyone under criminal investigation for financial crimes off boards of directors. The intention is laudable, but the plan is ill-conceived.