EU’s best US riposte is a focused digital strike

Helge Lund is stepping down from the troubled UK energy group. That clears the path for an outsider to assess whether BP’s latest strategy passes muster. But if the new chair finds that its low valuation is best fixed via a deal, a track record of successful M&A would help.

When investors freak out, lawmakers tend to respond, as in 2008 when Congress rejected banking bailouts. Trump’s trade jolt has now led to a weaker dollar, lower Treasury yields and falling stock prices. Varied Washington translations, however, distort otherwise reliable signals.

The buyout firm co-led by Egon Durban squared off with Carl Icahn to acquire Dell and is clashing with hedge funds over Hollywood shop Endeavor. Tiny vacation rental outfit Vacasa may be its defining battle, however. Rival suitor Davidson Kempner threatens the savage reputation.

European stocks slid just 2% after Donald Trump pledged economically painful tariffs, while Asian shares fell little more. Investors may think that US trading partners can bargain with the president. But that would take time, meaning retaliation and a bumpy ride may lie ahead.

The buy-now-pay-later firm is pushing through a still-thin pipeline toward a listing. Despite a high-tech sheen, it’s less tied to the big themes of the moment than recent disappointing offerings. In this week’s Viewsroom podcast, Breakingviews columnists debate its prospects.

New levies on the People’s Republic are 34% but ally Japan and re-exporter Vietnam are also hit hard. It crushes the China-plus-one trade. Yet there is no replacing US demand and Beijing will struggle to rally neighbors under a free trade banner if its goods flood the region.

Washington funds $160 bln of R&D a year and attracts more by backing early-stage work. Sweeping budget cuts immediately affect companies such as Becton Dickinson, which is selling its labs unit, and Thermo Fisher. Bigger costs await from delayed therapies or ones never developed.

The online swap-meet for tickets to anything from WrestleMania to Lady Gaga was last valued at $17 bln in 2021. Headliners include cash flow and 30% growth. But gloomy consumers and investors mean controlling shareholder and CEO Eric Baker would be lucky to get half-price.

The Canadian firm is eyeing a $7.5 bln offer for the pharma group, as per Spanish media. The juicier bid could still yield an attractive return and Brookfield’s interest, despite fraud allegations, adds value to the company. That may embolden the seller to play hardball.

Food group Greencore agreed a 1.2-bln-pound takeover of rival Bakkavor. Cost savings seem tasty, and the return looks rich. The fact that Greencore’s shares dipped during talks, though, is a warning for scale-hungry CEOs: investors have limited M&A appetite in a volatile world.