Una's Feed
Oct 14, 2013
via Breakingviews

Cooper-Apollo spat forces investors to pick lanes

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By Una Galani and Peter Thal Larsen

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

Investors in Cooper Tire & Rubber are being forced to pick lanes. Legal wrangles have put Apollo Tyres’ agreed $2.5 billion offer for its U.S. rival in doubt, and tensions at its China joint venture have undermined Cooper’s value. But a negotiated price reduction still looks possible. Cooper shares may be pricing in too much bad news.

Oct 10, 2013
via Breakingviews

China’s Bakrie burns may have less sting

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By Una Galani

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

China’s Bakrie burns may have less of a sting. Like financier Nat Rothschild, China Investment Corporation has been scorched by its association with Bumi Resources. Following a $1.3 billion debt swap, the sovereign fund has gone from a major creditor to minority investor in the Indonesian miner.

Oct 9, 2013

Corrected-BREAKINGVIEWS-Tyremaker takeover spat faces high toll

[Corrects to describe deal as "the second largest" takeover
of a U.S. company by an Indian company in fifth paragraph. A
previous version said "the largest".]

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

Oct 7, 2013
via Breakingviews

Tyremakers’ takeover spat faces high toll

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By Una Galani

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

Apollo Tyres’ spat with its U.S. target could face a high toll. The Indian firm wants to renegotiate its $2.5 billion takeover of Cooper Tire & Rubber following protracted disputes with workers in the United States and China. Cooper has gone to court to force its suitor to pay up. In this fight, a compromise looks like the least bad outcome.

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
via Breakingviews

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.

    • 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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