Quentin's Feed
Nov 6, 2015
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No knockout in Australia’s $6 bln waterfront brawl

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

Dockhands have a rough-and-tumble reputation. So it’s fitting that the M&A equivalent of a waterfront brawl has broken out over Australia’s Asciano, a $6 billion specialist in cargo-handling and rail freight. The contest between Canada’s Brookfield and local rival Qube, backed by heavyweight foreign investors, highlights finance’s continuing infatuation with rich-world infrastructure. Still, it’s too early to declare a knockout.

Nov 4, 2015
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Japan Post’s red-letter day delivers a value gap

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

Japan Post’s 1.4 trillion yen ($12 billion) red-letter day has delivered a value gap. Shares in the postal operator and its two finance arms soared as they made their stock market debuts on Nov. 4. Household-name status, coupled with big yields and low valuations, helped Japan’s biggest privatisation in decades fly. Yet the share moves also suggest investors are at best lukewarm about the non-financial businesses.

Nov 3, 2015
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Why China’s graft probes don’t rattle investors

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

Why do investors seem so sanguine about China’s anti-corruption campaign? Government investigations of top executives would hammer shares in Western blue-chips. Not so for those caught in President Xi Jinping’s crackdown. That’s because the campaign is so sweeping, and targets people rather than companies. Besides, the whole market is already being punished.

Nov 3, 2015
via Breakingviews

Why China’s graft probes don’t rattle investors

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

Why do investors seem so sanguine about China’s anti-corruption campaign? Government investigations of top executives would hammer shares in Western blue-chips. Not so for those caught in President Xi Jinping’s crackdown. That’s because the campaign is so sweeping, and targets people rather than companies. Besides, the whole market is already being punished.

Oct 30, 2015
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Brookfield’s Aussie deal faces surprise blockade

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

Brookfield must work hard to clear a blockade in Australia. Gatecrashers have just upset an A$8.9 billion ($6.3 billion) deal by Brookfield Infrastructure Partners, a U.S.-listed arm of the big Canadian investor, to buy port and rail group Asciano. With local rival Qube and deep-pocketed partners seizing almost 20 percent of its target, Brookfield cannot sweeten its way out of trouble. But some mix of asset sales and co-investments might just work.

Oct 20, 2015
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Yield and brand fuel Japan Post IPO successes

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

A big brand and big payouts are helping Japan Post’s 1.4 trillion yen ($12 billion) privatisation. The group’s banking and insurance subsidiaries have priced their initial public offerings at the top of earlier ranges, boding well for the parent group’s own IPO pricing on Oct. 26. Still, the success of this retail-heavy deal says little about the group’s fundamental prospects – and even less about Japan’s wider attitude to stock-market investing.

Sep 29, 2015
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Li Ka-shing’s power deal is at risk of a jolt

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

Li Ka-shing may be in for a jolt. The Hong Kong billionaire’s Cheung Kong Infrastructure unit wants to buy out cash-rich affiliate Power Assets for HK$90 billion ($11.6 billion) in stock. Outside investors have the motive, means and incentive to push for a sweetener.

Sep 22, 2015
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Japan Post’s mega-IPO had better be priced to go

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

Japan Post’s flotation had better be priced to go. The stock market debut of the postal operator, plus separate stakes in its banking and insurance subsidiaries, could raise 1.39 trillion yen ($11.5 billion). This is a milestone in many ways: Tokyo’s biggest listing since 1998; a landmark privatisation for Prime Minister Shinzo Abe; and a big test of retail investor demand. Yet delivering success probably hinges on attractive payouts.

Sep 18, 2015
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Aussie vitamins get iron ore-style China boost

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

Move over iron ore, it’s Wild Neptune Krill Oil’s turn in Australia’s export limelight. The $1 billion sale of Swisse, maker of the antioxidant and other health supplements, caps a stunning run for the country’s wellbeing business. Even as the far bigger mining industry reels, the deal underscores how demand from the Middle Kingdom can transform a sector’s fortunes for the better.

Sep 18, 2015
via Breakingviews

Aussie vitamins get iron ore-style China boost

Photo

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

Move over iron ore, it’s Wild Neptune Krill Oil’s turn in Australia’s export limelight. The $1 billion sale of Swisse, maker of the antioxidant and other health supplements, caps a stunning run for the country’s wellbeing business. Even as the far bigger mining industry reels, the deal underscores how demand from the Middle Kingdom can transform a sector’s fortunes for the better.

    • About Quentin

      "Quentin Webb is an Associate Editor at Reuters Breakingviews. He covers mergers and acquisitions, corporate finance and private equity in Asia. He joined the Hong Kong bureau in May 2015 after four years in London. Before becoming a columnist, he was a news reporter for Reuters, where his last role was as European M&A correspondent. He has also worked as a correspondent in Brussels and as a credit-markets reporter. Follow Quentin on Twitter @qtwebb"
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