EMEA

Comcast rejigs media script after falling from Sky

16 Jun 2023

The $173 bln cable giant is discussing a cash dowry to lure buyers for its pay TV operator’s German arm. That would remove a distraction as CEO Brian Roberts hunts for a new deal. A sale may be hard to reach. But it’s better to cut the cord sooner than later.

Crypto is dead: long live crypto!

16 Jun 2023

Already reeling from fraud and falling prices, cryptocurrencies suffered a fatal blow with US charges against two leading exchanges. Yet Felix Martin argues that the demise of speculative digital tokens may help revive their original purpose as private global currencies.

Capital Calls: Virgin Galactic

16 Jun 2023

Concise views on global finance: Shares of Richard Branson’s space tourism company rocketed 30% higher on news it would launch its first commercial flight in two weeks. The customer demand required alongside competition from Elon Musk and Jeff Bezos make the valuation a moonshot.

Capital Calls: Oil M&A, Bud backlash, L&G’s CEO

15 Jun 2023

Concise views on global finance: Two oil-well servicers find a way to make decline more palatable, while brewer Anheuser-Busch discovers that money doesn’t always buy friends in politics. In the UK, insurer L&G picks a new CEO to try and address its Brexit discount.

Man United sale heads into messy added time

15 Jun 2023

The Premier League soccer club is in the final stages of a tense bidding war. In this Viewsroom podcast, Breakingviews columnists debate the merits of offers from a Qatari suitor and chemicals tycoon Jim Ratcliffe, and what options minority investors face if they are shut out.

Shelved soda ash IPO is a UK wake-up call

15 Jun 2023

Turkish-owned WE Soda dropped plans for an $800 mln London listing after a cool reception from prospective shareholders. The firm blamed their cautiousness. The truth is that Britain’s attempts to fiddle with listing rules to revive the IPO market aren’t fooling shrewd investors.

Moncler can inspire Golden Goose’s next step

15 Jun 2023

Skirting a pandemic and war, the maker of Super-Star sneakers doubled sales to 500 mln euros in three years, with rich margins. That’s where Remo Ruffini’s down jackets brand stood before its 2013 IPO. It may tempt owner Permira into a $3 bln sale, or Moncler into a purchase.

Vodafone’s do-or-die UK deal is a risky bet

14 Jun 2023

The $24 bln telecoms firm is merging its UK mobile business with CK Hutchison’s Three to create Britain’s largest network. It is promising investment to win over competition watchdogs. It could backfire, but CEO Margherita Della Valle has few easy ways to please weary investors.

EU takes broad aim at ESG jungle

14 Jun 2023

Europe wants to rein in the industry for environmental, social and governance assessments by forcing firms to disclose their models and data. A plan to stop conflicts of interest may create compliance headaches. But more transparency and oversight should lead to better outcomes.

Private equity risks gorging on its secret sauce

14 Jun 2023

Public-market investors prefer steady management fees over lumpy buyout profit. As a result, KKR and others funnel more so-called carry to employees instead. Peers Blackstone and Carlyle could recalibrate similarly, but taking a bigger cut also might irritate dealmakers.

Brenntag has simple fix for activist feud

14 Jun 2023

The $12 bln German chemicals group is facing a board battle with funds that want it to improve humdrum performance via a breakup. Separating its two units probably makes sense if they can’t both run smoothly. Setting a medium-term deadline to decide would ease the strife.

‘Love Island’ maker can be saved by bold coupling

14 Jun 2023

ITV CEO Carolyn McCall is under pressure amid a scandal and a depressed share price. A breakup of the $4 bln broadcaster might help, but looks tricky. Bulking up the studio unit could create more value, if McCall can find a way to keep dividend-loving investors on side.

Shell makes risky pitch for the middle ground

14 Jun 2023

The $195 bln group’s new CEO Wael Sawan boosted shareholder payouts and refrained from new oil output cuts. His bet is that Shell can echo US peers by lingering in oil, while placing its green bets on less tricky low-carbon areas than European rivals. It’s not certain to work.

ECB’s autopilot raises risk of hard landing

14 Jun 2023

The European Central Bank is set to hike rates on Thursday and again in July. But traders’ hopes for cuts soon afterwards may be dashed, given pressure from hardline countries to tame stubborn inflation. Europe’s recovery is looking increasingly fragile.

Capital Calls: Funky bank debt

14 Jun 2023

Concise views on global finance: Credit investors are increasingly willing to buy quasi-equity instruments known as AT1s, despite a near-death experience for the asset class amid the Credit Suisse crisis in March.

Bunge’s $22 bln Viterra deal is a tolerable muddle

13 Jun 2023

The US crops merchant agreed to buy its peer, half-owned by Swiss commodities giant Glencore. Grain inventories cloud the math on the combined company’s debt-load. Even so, the strategic rationale, valuation multiple and savings worth $1.8 bln more than make up for the concern.

SoftBank’s Arm IPO set for double stroke of luck

13 Jun 2023

The chip designer may score Intel as an anchor investor in its planned US float. Meanwhile, customers like $975 bln Nvidia have soared amid an artificial-intelligence frenzy. It makes the company’s puffy valuation hopes slightly less implausible – but not necessarily sustainable.

Capital Calls: Zee, Embracer

13 Jun 2023

Concise views on global finance: India’s securities regulator banned the media group’s CEO from holding any key managerial positions, putting its merger with Sony’s local unit under a cloud; the $3 bln video-game group’s new strategy hits the right buttons.

Dutch chip export saga exposes EU shortcomings

13 Jun 2023

The Netherlands is limiting exports of high-end semiconductor gear to China, after a US push to curb Beijing’s AI and military prowess. While the EU will soon unveil a plan, it looks hard to strike the right power balance in the defense arena. Brussels needs a clearer role.

Flailing property firms make for risky buyout prey

13 Jun 2023

Shares in Swedish landlord SBB crashed, while listed European peers also trade at heavily discounted valuations. It looks like a golden opportunity for private funds, with $700 bln of cash. The tough part will be securing debt financing and avoiding catching a falling knife.