Construction

Capital Calls: UK housebuilder tumble

13 Jan 2022

Concise views on global finance: Countryside Properties shares fell as much as 26% after it failed to capitalise on a UK housing boom.

Capital Calls: SEC, UK housing, Marijuana

10 Jan 2022

Concise views on global finance: The U.S. watchdog wants more private company transparency; The UK government’s decision to hit housebuilders with a four billion pound repair bill has lessons; and cannabis producer Tilray gives a glimpse of its life after its merger with Aphria.

China’s property crisis infects top-shelf market

15 Dec 2021

Shimao Group’s shares plunged after a deal between two affiliates appeared designed to raise cash quickly. On paper, the developer is in sound health; some of its crashing bonds enjoy investment-grade ratings. If those scores aren’t credible, more volatility is on the way.

Saint-Gobain’s U.S. deal will cement its Sika envy

6 Dec 2021

The $34 bln French construction firm tried and failed to buy its Swiss rival, which then went on a growth spurt. Saint-Gobain’s $2.3 bln offer for U.S. group GCP will help it decarbonise. The catch is that Sika made a similar move last month, and the returns on that look better.

Ariston IPO is enticing play on green energy wave

17 Nov 2021

The family-owned maker of heat pumps and water heaters is going public in Milan at a valuation of up to 4 bln euros. With demand for energy-efficient heating systems set to boom, it’s in a sweet spot. A discount to rivals A.O. Smith and NIBE Industrier should help inflate demand.

Goldman’s cosy Japan deal is ripe for rival bid

15 Nov 2021

The Wall Street bank and refiner Eneos are forging ahead with a contested plan to take full control of $4 bln roadbuilder Nippo. Even with a richer premium, a leveraged buyout would deliver a healthy return, Breakingviews calculates. It’s a fresh test of Japan Inc’s dozy ways.

Sika has scope to focus on grander form of defence

11 Nov 2021

The $55 bln Swiss group is paying $6 bln for BASF’s old construction chemicals unit. Two years ago, bulking up helped see off hungry French rival Saint-Gobain. Now three times the size, Sika can use deals like this to position itself at the good end of a hard-to-green sector.

Capital Calls: Genetic gold rush

28 Jun 2021

Concise views on global finance: A company has shown biotechnology called CRISPR can precisely edit defective genes in humans, fueling investment and squabbles.

Capital Calls: GameStop is a SPAC now

22 Jun 2021

Concise views on global finance: The meme-stock video-game retailer has raised more cash, making it look like an overvalued cash shell.

Battery deficit risks UK driving electric jalopy

22 Jun 2021

Britain needs more so-called gigafactories to supply power for green cars, ahead of import caps and a ban from 2030 on gas guzzlers. Current expansion plans may electrify just 20% of local output from BMW, Nissan and others. Prime Minister Boris Johnson faces an uphill drive.

Capital Calls: Netflix, Flackless SPAC

21 Jun 2021

Concise views on global finance: The streaming service strikes an agreement with Steven Spielberg’s Amblin Partners; Helicopter-taxi company Blade’s phony spokesperson speaks poorly to investors.

Capital Calls: Bitcoin, Procore

20 May 2021

Concise views on global finance: Getting paid in cryptocurrencies loses allure in U.S. President Joe Biden's tax plan; the $11 bln building software firm is a bargain compared to peers.

Capital Calls: AT&T’s bankers, Blackstone in Italy

17 May 2021

Concise views on global finance: The U.S. telecom giant’s unwinding of its purchase of Time Warner is a gift for advisers on Wall Street; a court rules that the U.S. private equity firm’s 2013 purchase of Corriere della Sera’s HQ was valid.

Capital Calls: Sarkozy’s trial

1 Mar 2021

Concise views on global finance in the Covid-19 era: the former French prime minister’s conviction for trying to bribe a judge creates a new dilemma for the companies on whose board he sits, including hotel chain Accor.

Capital Calls: CPPIB, Barclays, McPlant, DoorDash

26 Feb 2021

Concise views on global finance in the Covid-19 era: Canada Pension Plan Investment Board's CEO is booted for jab-line jumping; the UK bank wins a legal, if not ethical, victory over financier Amanda Staveley; Beyond Meat partners with McDonald’s and Yum; and DoorDash is too hot.

LafargeHolcim’s U.S. deal is an overdue Plan B

7 Jan 2021

The $36 bln Swiss cement maker’s 2015 merger hasn’t really worked. Branching out into roofing by acquiring the U.S. division of Japan’s Bridgestone for $3.4 bln could pay off if a stateside stimulus spurs infrastructure spending. But LafargeHolcim’s bet looks relatively pricey.

Corona Capital: Icahn, Productivity, Natixis

4 Jan 2021

Concise views on the pandemic’s corporate and financial fallout: Carl Icahn sells half his Herbalife Nutrition stake; an ECB survey suggests Covid-19 will make big firms more productive, but that may not be all good news; and Natixis fast-tracks its overhaul.

Corona Capital: Salvatore Ferragamo

10 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: Faded heels-and-loafers brand Salvatore Ferragamo could benefit from a coronavirus vaccine-induced return to airport shopping, but the Florentine fashion house would still need a makeover.

Corona Capital: Binge-watching, Gaming

27 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Streaming viewers like to binge-watch, but they are being stingy; a fresh surge of Covid-19 cases could be a boon for gaming developers.

Vinci slump makes case for $6.1 bln energy deal

20 Oct 2020

The industrial group has warned of a steep fall in earnings partly due to lost airport sales. That fortifies the logic for a recent cash-and-shares offer for ACS’s energy division. Trading a 5% stake to the Madrid-based company for a steadier business looks increasingly sensible.