Companies & Funds

EQT’s new boss has a private-credit hole to fill

17 Feb 2025

Per Franzén will replace CEO of six years Christian Sinding at the $40 bln Swedish buyout firm. EQT’s valuation premium to rivals has shrivelled, partly because fixed-income shops like Ares have soared. Franzén, who lacks a private-credit unit, may want to think about buying one.

For TSMC, Trump can make an Intel deal appeal

17 Feb 2025

Taiwan's $840 bln chipmaker might take a stake in its ailing rival's factories at the behest of the US. Such a deal makes no financial sense. But with the president threatening tariffs and more, it may be a small price to pay for the Asian giant to protect its top market.

BP’s overhaul can start with a new Chair

14 Feb 2025

Activist Elliott Investment Management now has 5% of the $93 bln UK group and wants to sell off its green assets. That might make sense. But investors are more likely to back structural reform if it's overseen by a chair other than current incumbent Helge Lund.

Aircraft maintenance boom has further to fly

14 Feb 2025

In 2024, stuttering production of new jets saw repairs of older models take on fresh import for the likes of Melrose and Safran. This year deliveries could rise by 25%. But supply chain uncertainty and strong flying demand mean the maintenance profit engine can continue to motor.

Buyout firms’ equity-debt double act is creaking

14 Feb 2025

Groups such as Blackstone and Apollo spent trillions of dollars buying companies when interest rates were low. They also provided loans to buyouts. As borrowing costs have risen, tensions between the two are mounting. Private credit’s future growth will depend on other borrowers.

Torrid AppLovin reignites scorching PAIR trade

13 Feb 2025

Strong results helped the mobile ads outfit add 30% to its valuation. Having already outpaced all tech stocks last year, including Nvidia, the $160 bln company is leading a fiery foursome targeting dominant incumbents. Palantir, IonQ and Reddit are also part of the hot new club.

Blackstone pushes pharma investors their cash fix

13 Feb 2025

Drug companies like Novartis must constantly add new therapies as old ones gain new competition. Snag is, shareholders want stodgy giants to pay dividends, not splurge on research. A $3 bln deal shows how the buyout shop can tend farmed-out programs, for a hefty price.

New Commerz plan may help UniCredit’s Andrea Orcel

13 Feb 2025

The $24 bln German bank is targeting a 15% return on tangible equity in 2028, up from 9.2% in 2024. Yet the goals are underpinned by optimistic revenue assumptions and seem light on safer cost cuts. The minute CEO Bettina Orlopp puts a foot wrong, her Italian suitor can swoop.

Trump’s graft leniency sets bad global example

13 Feb 2025

The US president has suspended the enforcement of a key anti-corruption law banning the bribing of foreign officials to obtain business contracts. Western countries with similar regulations will feel pressured to show similar tolerance. And law-based trade will take another hit.

Japan’s M&A wave is just getting started

13 Feb 2025

The country’s corporate giants, nudged by reform, are exploring big deals. Carmakers Honda and Nissan, convenience store 7-Eleven’s owner and others are testing waters at home and abroad. In this week’s Viewsroom podcast, Breakingviews columnists debate how far it will go.

US is biggest loser from Trump’s metals tariffs 

13 Feb 2025

The president's 25% levy on steel and aluminium imports is meant to keep out China and help local industry. But boosting output would take years and huge investment with murky returns. That would keep the US reliant on Canada and producers like Rio – only at a higher price.

Crabs on a plane pinch budget US airline deal

12 Feb 2025

Spirit rejected rival Frontier’s latest takeover bid and shared synergies worth some $5 bln in favor of a post-bankruptcy standalone future. The suitor, previously thwarted by shareholders, is now at odds with creditors. Crustacean mentality has sabotaged the sanest outcome.

Shein’s IPO haste implies an ill-fitting outcome

12 Feb 2025

The fast fashion retailer seems set on a $50 bln listing by mid-year. With the US applying new tariffs and trade tensions heating up, the normal banker advice would be to wait. If Shein’s motivation is to gain recognition, a cut-price valuation is the wrong way to get it.

Heineken mixes tasty cocktail for insipid future

12 Feb 2025

The $45 bln brewer’s shares jumped 12% after it raised its profit outlook for 2025. It was a surprise for a sector facing slowing sales and tariff wars. But by cutting costs and boosting investment, Heineken and peers can manage the decline and prop up their depressed valuations.

Buyout barons’ evergreen rush is risky money tree

12 Feb 2025

Private-market firms from KKR to Blackstone are creating funds with no set payback date to target mom-and-pop investors. Letting clients withdraw cash at will jars with the nature of illiquid assets. The race to create a $13 trln market may see returns fall.

India’s travel boom enters the departure lounge

12 Feb 2025

The $12 bln Indian Hotels, owner of the luxury Taj brand, is emerging as a flag bearer of the country's tourism boom. It plans to more than double its properties to over 700 by 2030. But as domestic room tariffs hit the roof, Indians are increasingly eyeing overseas destinations.

Paris summits go from green accord to AI discord

11 Feb 2025

A decade ago, France’s capital saw the world unite to fight climate change. In 2025, the US has refused to sign even a vague pledge for ‘inclusive and sustainable AI’ at President Macron’s conflab. Washington is entitled to do as it likes, but the lack of consensus is striking.

Andrea Orcel’s M&A hunt homes in on Italy

11 Feb 2025

The UniCredit boss pledged bold returns, even as lower rates squeeze banks’ lending margins. Solid performance, and a whirl of rival deals, make his bid for $14 bln Banco BPM increasingly realistic. That’s just as well, since his pursuit of Commerzbank looks ever more distant.

Why Elon Musk is a headache for broadband bosses

11 Feb 2025

The SpaceX founder’s Starlink business has about 5 mln users of its satellite internet service. It’s a big risk for telecom firms in developing countries with few fixed-line connections, like India. But Western incumbents, particularly in the US, should also be concerned.

China’s EV laggards grasp at a new roadmap

11 Feb 2025

State-backed carmakers Dongfeng and Changan may be about to merge. On paper, the duo could replace BYD as largest by vehicle sales. The country's industry is ripe for consolidation. But size alone won’t help navigate rapidly changing tastes, a price war and ailing partnerships.