EMEA

Next Novo Nordisk CEO’s best cure may be mega-M&A

16 May 2025

The $281 bln obesity-drug maker is searching for a new boss. Its key shareholder, a nonprofit, stepped in after a share-price slide. The twin problems are an overreliance on just two diseases and a looming patent expiration for star product Ozempic. A big deal would solve both.

3i’s crown jewel dilemma is coming to a head

16 May 2025

Dutch retailer Action has fuelled a near-fivefold rise in the $52 bln UK investor’s shares since 2020. It’s not an obvious time to sell or list a gem that represents most of its portfolio value. But with sales and margin growth potentially slowing, waiting carries risks too.

Franco-German defence IPO hits private equity snag

16 May 2025

Buyout group Triton is resisting tank maker KNDS’s intention to exercise a call option and take its stake in engine manufacturer Renk to 25%. The legal dispute may end up in a compromise, but it could hinder the Franco-German group’s ability to launch an IPO this year.

Value investing is poised to rise from the dead

15 May 2025

Warren Buffett has announced his retirement. The investment style championed by the Oracle of Omaha has fallen out of fashion as buyers chase growth stocks and passive funds. However, history suggests the prospects for value investors are brightest when the world loses faith.

Gulf’s delicate US-China balance can easily flip

15 May 2025

Saudi and the UAE’s reliance on Silicon Valley’s talents and tech makes it easier to adhere to Washington's new Huawei chip curbs. But Beijing remains a big trading customer and is making headway in AI. The Gulf states may be in the West's camp, but they may not stay there.

Nestlé bets biggest in brand giants’ tariff casino

15 May 2025

The $272 bln KitKat maker will swallow hits from tariffs, unlike US rivals like P&G who will pass them on. Who’s right hinges on whether investors value top-line growth, or stable margins. But with a valuation below 2020 levels, Nestlé is more exposed if its bet goes sour.

Pauses, tweaks and can-kicking are new trade norms

15 May 2025

The US inked a deal with the UK and agreed to freeze triple-digit tariffs on China. In this Viewsroom podcast, Breakingviews columnists explain what these agreements reveal about the Trump administration’s negotiating hand, and what trade is likely to look like in the future.

Berlusconis’ German TV raid is worth resisting

14 May 2025

The Italian clan seemed to be exerting creeping control of $2 bln ProSieben through an underwhelming takeover offer. Czech investor PPF has made that trickier with a higher cash bid for up to 30% of the stock. Investors may now get more money – or a better corporate strategy.

Swatch activist risks tripping over family ties

14 May 2025

The $9 bln watchmaker is the target of US investor Steven Wood, who is trying to muscle onto the board. Sprucing up the luxury unit and investing in the firm’s online offering could fix its share price. But convincing the controlling Hayek clan to loosen its grip will be tricky.

UK pension private-market punt is acceptable risk

13 May 2025

Chancellor Rachel Reeves is cajoling retirement funds to pour more money into domestic private equity, infrastructure and the like. The risk is higher losses, and a lack of the right sort of assets to invest in. Yet easing UK investors’ low-returns problem is a laudable aim.

Eutelsat French rescue may cloud future flightpath

13 May 2025

The debt-stricken $2 bln satellite group replaced its CEO with an executive from state-linked telco Orange ahead of a possible capital injection by Paris. A Gallic rescue would keep the firm alive, but it might also complicate the dream of building a Europe-wide Starlink rival.

Europe’s self-defence is battle on multiple fronts

13 May 2025

Leaders are scrambling to shore up defences against Russia while also becoming less dependent on the US. In this episode of The Big View podcast, Bruegel Senior Fellow Guntram Wolff talks about the need for a joint European body to make the increase in spending more effective.

Andrea Orcel’s M&A hunt faces acceptable defeat

12 May 2025

The UniCredit CEO’s pursuit of $17 bln BPM and $32 bln Commerzbank ran up against political opposition. He could train his sights elsewhere, say by targeting Mediobanca, or lower his deal return targets. UniCredit’s healthy standalone position makes the case for doing nothing.

Record backlogs signal defence industry fragility

9 May 2025

Shares in European weapons makers are soaring on hopes NATO countries will boost military spending to 3% of GDP. But a mushrooming order book highlights the difficulty firms like Rheinmetall may face in meeting demand. Governments will need to help the sector build more capacity.

Commerzbank’s M&A lines of defence have doubled

9 May 2025

The 28-bln-euro German lender earned an 11% return on equity in the first quarter. That number may be hard to repeat, but investors are starting to buy CEO Bettina Orlopp's plan. It makes life more complicated for suitor UniCredit, which already faced political hurdles to a bid.

US exceptionalism becoming a matter of perspective

8 May 2025

American stocks trounced the rest of the world for years, as Berkshire Hathaway’s outgoing CEO Warren Buffett likes to point out. But for foreigners, it was partly thanks to a surging dollar. If those days are over, Uncle Sam’s outperformance may only persist for US investors.

US-UK trade deal offers fuzzy blueprint for others

8 May 2025

Donald Trump waived tariffs on British steel and granted quotas on car imports in return for lower levies on American beef and other products. The modest first win for the president’s trade policy represents the lowest of low-hanging fruit. It only gets harder from here.

Trump hands shippers Red Sea dilemma

8 May 2025

Maersk kept its 2025 EBITDA guidance unchanged despite a US-Houthi deal that could reopen the less profitable trading route. For now, the war in Gaza provides cover for shipping giants to swerve the Red Sea. But declining volumes may weaken the case for collective action.

Trump mineral plan will create bigger problems

8 May 2025

The US wants to produce more minerals like rare earths and apply tariffs on Chinese imports. Hiking production in the $325 bln market makes sense but opening new mines will take decades. In the meantime, Washington will have to scramble for limited supplies from other countries.

Tech can give Europe more bang for defence buck

8 May 2025

A big chunk of the bloc’s hundreds of billions of euros in extra military spending will go on tanks, guns and shells. But if Europe wants to prevent its armies from becoming obsolete, it needs to invest much more in tech and R&D. Doing so could even reduce its overall bill.