Una's Feed
Jul 18, 2014
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Malaysia Airlines plight points to riskier world

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By Una Galani

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

Fatal air accidents almost never happen, fortunately for both passengers and investors in airlines. Yet Malaysia Airlines has been struck twice by tragedy in little over four months. The aviation industry may have its own set of challenges, but it is a reminder that even more robust businesses need to consider political risk carefully.

Jul 14, 2014
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WH Group’s revived IPO shows one lesson learnt

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By Una Galani

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

WH Group’s revived initial public offering shows it has learnt at least one lesson. After an attempt to sell shares two months ago ended in disaster, the Chinese pork producer has returned, cheaper and with fewer banks working on the deal. But it’s not clear why it is rushing back to market at all.

Jul 1, 2014
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Private equity’s bad habit: Asian minority stakes

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By Una Galani

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

Private equity firms have developed a bad habit in Asia. They are investing record amounts in minority stakes in listed companies. Investors dislike such deals because they can buy the shares themselves. History also suggests that giving up control is fraught with risks.

Jun 27, 2014
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Builder’s shaky foundations dent UAE’s credibility

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By Una Galani

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

The shaky foundations of the most prominent builder in the United Arab Emirates have dented the country’s credibility. Shares in Dubai-based Arabtec, which helped erect the world’s tallest tower in the emirate, have more than halved since May 15, wiping almost $4.9 billion off its market value. The debacle is a warning to investors attracted by the UAE’s new emerging market status.

Jun 24, 2014
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Woolworths pays too-steep ransom in Aussie battle

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By Una Galani

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

Woolworths is paying too steep a ransom in its retail battle. The South African group is buying billionaire Solomon Lew’s stake in an Australian unit in an attempt to secure the billionaire’s support in its A$2.1 billion ($2 billion) takeover of upmarket department store chain David Jones. The side deal raises the effective takeover premium – and piles pressure on Woolworths to realise synergies.

May 15, 2014
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CITIC goes slowly on reform with $5.1 bln placing

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By Una Galani 

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

CITIC Pacific is going slow on reform with its $5.1 billion placing. The Chinese group’s Hong Kong subsidiary will sell new shares to 15 investors as part of a union with its state-owned conglomerate parent. The placing allows CITIC Pacific to keep its stock market listing. Yet most of the money is coming from buyers also backed by the Chinese government. A deeper overhaul of state firms looks a way off.

Apr 29, 2014
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WH Group’s pulled pork IPO is least bad outcome

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By Una Galani
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

This little piggy isn’t going to the market after all. WH Group has scrapped its Hong Kong listing after investors turned their noses up at its valuation. The Chinese pork producer had already more than halved the size of the fundraising to as little as $1.3 billion. A delay which gives the company formerly known as Shuanghui more time to integrate its U.S. subsidiary Smithfield is probably the least bad outcome.

Apr 29, 2014
via Breakingviews

WH Group’s pulled pork IPO is least bad outcome

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By Una Galani
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

This little piggy isn’t going to the market after all. WH Group has scrapped its Hong Kong listing after investors turned their noses up at its valuation. The Chinese pork producer had already more than halved the size of the fundraising to as little as $1.3 billion. A delay which gives the company formerly known as Shuanghui more time to integrate its U.S. subsidiary Smithfield is probably the least bad outcome.

Apr 23, 2014
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WH Group’s chopped IPO still looks unappetising

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By Una Galani

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

WH Group’s chopped initial public offering still looks unappetising. The Chinese pork producer is slashing the size of its Hong Kong fundraising to as little as $1.3 billion, down from a previous target of at least $3 billion. But WH Group’s reluctance to accept a lower price means the IPO remains a tough sell.

Apr 23, 2014
via Breakingviews

WH Group’s chopped IPO still looks unappetising

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By Una Galani

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

WH Group’s chopped initial public offering still looks unappetising. The Chinese pork producer is slashing the size of its Hong Kong fundraising to as little as $1.3 billion, down from a previous target of at least $3 billion. But WH Group’s reluctance to accept a lower price means the IPO remains a tough sell.

    • About Una

      "Una Galani is Asia Corporate Finance Columnist of Reuters Breakingviews, based in Hong Kong. She spent three years in Dubai covering the region’s economies in the immediate aftermath of the Arab Spring. Previously, Una wrote on capital markets, mergers and acquisitions, and telecoms across Europe from London. She was commended in the category of Young Financial Journalist at the Harold Wincott Awards for 2009 after joining Breakingviews in 2006. Una read English Literature at Oxford. Follow Una on Twitter @ugalani"
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