Una's Feed
Oct 3, 2013
via Breakingviews

Tokyo Electron takeover is no template for Japan

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

Foreign acquirers have long-struggled to make headway in Japan. That makes Applied Material’s recent takeover of Tokyo Electron an interesting case study. The U.S. tech firm wooed its smaller rival with an all-stock merger and the promise of shared governance. However, the model may not work so easily elsewhere.

Sep 26, 2013

Sharp’s $1.7 bln share sale won’t restore its edge

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

By Una Galani

HONG KONG, Sept 26 (Reuters Breakingviews) – Sharp’s
(6753.T: Quote, Profile, Research) $1.7 billion share sale won’t restore its edge. The
troubled electronics firm is taking advantage of Japan’s
Abenomics-inspired stock market rally to raise cash from
shareholders. After tapping Qualcomm (QCOM.O: Quote, Profile, Research) and Samsung
(005930.KS: Quote, Profile, Research) for relatively small amounts in the past year,
Sharp is now offering new shares worth about 40 percent of its
market value to reduce net debt by 16 percent. That will shore
up but not repair its balance sheet.

Sep 17, 2013

Apollo Tyres’ $2.5 bln takeover is piling up risks

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

By Una Galani

HONG KONG, Sept 17 (Reuters Breakingviews) – Apollo Tyres’
$2.5 billion takeover of its U.S. rival looks
increasingly rickety. The Indian firm may need an agreement with
unions at Cooper Tire and Rubber Co. after a U.S.
arbitrator ruled the workforce had the right to block part of
the deal. If a solution raises costs, Apollo will have even less
room for error when it comes to servicing the transaction’s
hefty debt.

Sep 10, 2013
via Breakingviews

Suntory pays up to quench thirst for Japan escape

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By Una Galani

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

Suntory is paying up to quench its thirst for overseas growth. The newly-listed Japanese firm wants to double its sales by 2020, partly through foreign acquisitions. To help achieve that goal, it’s paying GlaxoSmithKline 1.4 billion pounds ($2.1 billion) in cash for British brands Lucozade and Ribena. That’s a big premium to reduce its exposure to a tough domestic market.

Sep 5, 2013
via Breakingviews

Middle East turmoil perpetuates OPEC charade

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By Una Galani

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

Turmoil in the Middle East and North Africa has been awful for the people of the region. The same cannot be said for OPEC, the oil cartel. The long list of crises – violence in Iraq, fear of sectarian spillover from the Syrian conflict, oil worker strikes in Libya and sanctions against Iran – has conspired to keep crude prices high.

Aug 28, 2013
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West faces only high-cost options in Syria

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By Una Galani

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

Western powers readying to strike Syria must weigh the price of doing nothing against the likely negative impact from an intervention. The form of the military action will matter, but in this sectarian war, all options are fraught with risks.

Jul 12, 2013

Breakingviews: Olympus $1.2 bln share sale fails zoom-lens test

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

By Una Galani

HONG KONG, July 12 (Reuters Breakingviews) – Without a zoom
lens, it’s hard to see the logic in Olympus’ (7733.T: Quote, Profile, Research) $1.2
billion share sale. Less than two years after a huge accounting
fraud, the Japanese company is tapping capital markets. But the
camera and medical equipment maker’s decision to sell shares
only outside of Japan is a poor way to thank local shareholders
who endured the dark days. Besides Olympus’ finances were
already on the right track.

Jul 8, 2013
via Breakingviews

Sovereign fund chiefs not created equal

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By Una Galani

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

China Investment Corporation finally has a new boss. But compared to most companies, a change of the top at a sovereign wealth fund doesn’t always mean a change of tack. A sovereign fund’s proximity to the government and its investment approach are critical when it comes to determining the importance, or relative unimportance, of who sits at the top.

Jul 5, 2013
via Breakingviews

Egyptian bourse euphoria is premature at best

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By Una Galani

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

This week’s euphoria for Egyptian equities is overdone. The prospect of calmer streets has sent the country’s benchmark index of 30 leading stocks up more than 12 percent since June 30, when protests against the Muslim Brotherhood government began – more than 7 percent on Thursday alone, when the military acted on its threat to force President Mohamed Mursi from power. That was the biggest one-day gain after a year of economic mismanagement under the deposed government.

Jul 4, 2013
via Breakingviews

Military throws Egypt into dangerous phase

By Una Galani

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

Egypt is entering a dangerous period. The ousting of President Mohamed Mursi – the country’s first freely-elected leader – and the Muslim Brotherhood after just one year in power cements divisions and confirms the army’s role as kingmaker. A swift return to civilian democratic rule is critical but the path is fraught with social and economic risks.

    • 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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