Una's Feed
Jul 22, 2015
via Breakingviews

Samsung clan could call on mobile unit next

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

Investors should worry about how Samsung Electronics fits into the Lee family’s wider restructuring plans. A rejig by the clan behind South Korea’s biggest chaebol could spark higher dividends from the $180 billion smartphone maker. But the Lees’ recent win against U.S. hedge fund Elliott suggests independent shareholders may have to suffer first.

Jul 17, 2015
via Breakingviews

Samsung win is bittersweet for ruling Lee family

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

The Lee family behind Samsung will be breathing a heavy sigh of relief. A $9 billion intergroup merger has been narrowly passed by shareholders, despite opposition led by Elliott, the hedge fund manager. That helps the family, whose patriarch is seriously ill, in its succession planning. But the U.S. activist is likely to fight on. And the challenge shows South Korea’s largest conglomerate is vulnerable to restive investors as it continues to restructure.

Jul 13, 2015
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Samsung-Elliott showdown will shake up South Korea

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

Samsung’s merger battle will have a lasting effect on South Korea. Shareholders will decide on July 17 on a $9 billion tie-up opposed by U.S. hedge fund manager Elliott. The vote will be tight. Even if it passes, the family-run conglomerates, or chaebols, that dominate the country’s economy will probably tread more carefully with independent shareholders in future.

Jul 13, 2015

Online boom reboots private equity in India

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

By Una Galani

HONG KONG, July 13 (Reuters Breakingviews) – Private equity
is rebooting in India. Even as billions of dollars remain stuck
in investments from the last cycle, a record year of
fundraisings and deals is underway. One reason is that new
players have flocked to cash in on the country’s online boom.

Jul 9, 2015

India’s anti-graft campaign makes quiet strides

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

By Una Galani

HONG KONG, July 9 (Reuters Breakingviews) – India is home to
Asia’s other big anti-graft campaign. Narendra Modi’s drive to
squash corruption in the nation of 1.2 billion people lacks the
drama of Chinese president Xi Jinping’s crackdown. Yet as
India’s tycoons find it harder to win favour from politicians
and banks, Modi’s intention to stamp out crony capitalism – and
the potential benefits of a clean-up – are coming into focus.

Jul 7, 2015
via Breakingviews

Elliott buys new stick to beat Samsung

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

Elliott’s battle with Samsung could get even uglier. The U.S. activist hedge fund has already taken its fight against South Korea’s largest chaebol to the courts, and been ridiculed in cartoons published by the group. Now it has picked up stakes in two more companies that form part of the sprawling empire. That gives Elliott a new lever to oppose the ruling Lee family over a $9 billion merger.

Jul 2, 2015
via Breakingviews

Ousted CEO shows risks of SoftBank startup splurge

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

Failure is an unpleasant fact for most startups. One in three new companies lose most of the capital that investors have put into them. SoftBank is a bit closer to that reality with Housing.com. The Indian property listings firm has fired co-founder and chief executive Rahul Yadav six months after the Japanese conglomerate became its largest investor. It’s a reminder of the inherent risks in a rapidly growing part of SoftBank’s business.

Jun 25, 2015

Indian banks need a capital flood, not a dribble

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

By Una Galani

HONG KONG, June 25 (Reuters Breakingviews) – India’s
piecemeal approach to fixing its banking sector is flawed. The
government says it may double the amount it will inject into
state lenders to $3 billion this year, and double it again next
year. Though the increase is welcome, it’s still a fraction of
the $50-odd billion that government-controlled banks may need to
fix their balance sheets and meet new capital requirements.
India needs to be more aggressive.

Jun 24, 2015
via Breakingviews

South Korean M&A quirks hold perils for investors

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

Samsung has cast a spotlight on South Korea’s quirky M&A rulebook. A $9.2 billion merger led by the holding company of the country’s biggest conglomerate helps the ruling Lee family plan its succession at the expense of independent shareholders. For foreign investors, it’s key to understand how the system is stacked in favour of the giant chaebols.

Jun 23, 2015
via Breakingviews

SoftBank’s solar ambitions fly close to the Son

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

Masayoshi Son is flying close to the sun with his solar power ambitions. The SoftBank chairman has pledged to invest $20 billion in developing solar energy plants in India in the coming years through a majority-owned joint venture with India’s Bharti Enterprises and Taiwan’s Foxconn. India’s need for energy investment is clear but the synergies with the Japanese group’s existing businesses look dubious.

    • 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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