Deals

Grisly Hulu battle would deepen streaming wars

26 Sep 2023

Comcast and Disney are set to spar over valuing the TV service behind the “The Bear.” Cable boss Brian Roberts figures his company’s 33% stake is worth a bundle; rival Bob Iger will disagree. A long fight makes little sense when they’ll probably wind up around $33 bln anyway.

Hong Kong bankers play an anxious waiting game

26 Sep 2023

Fewer IPOs in the city mean firms such as UBS and Bank of America are more willing to handle middling transactions like Tuhu’s $150 mln offer. But as big deals stir in New York and beyond, the downsizing increasingly will look like an awkward stopgap for Wall Street.

Entain’s troubles may entice MGM into a fresh punt

25 Sep 2023

Shares in the $8 bln gambling firm fell 10% after an unexpected sales warning. An Australian slowdown and regulatory heat in the UK, its biggest market, are tricky to fix. But the more Entain’s stock sinks, the more $13 bln MGM may consider renewing its dormant bid interest.

Permira will have to work to exit classified hole

22 Sep 2023

The buyout firm has teamed up with Blackstone to take Norway’s Adevinta private. Its initial outlay in 2021 is under water after a tech downturn battered the $11 bln company’s valuation. Permira’s hopes of a decent return rest on turbocharging sales and tangibly hiking margins.

M&A spillover in India-Canada fight hurts everyone

22 Sep 2023

As bilateral relations sour over a murder, tycoon Sajjan Jindal is going slow on his planned $8 bln consortium bid led by JSW Steel for Vancouver-based Teck’s coal assets. The stalling hurts the buyer and the seller, and India’s diversification ambitions a bit more.

Cisco’s $28 bln spelunking yields dicey deal

21 Sep 2023

Buying data and security outfit Splunk could increase recurring revenue at the $215 bln networking giant. Cisco is also paying a low multiple. But the two don’t have much overlap, and Splunk’s cloud-based business needs work. Cisco bears execution risk, which hinges on growth.

Grab can feast on Delivery Hero’s Asia leftovers

21 Sep 2023

The Singapore giant is an obvious buyer for its rival’s Southeast Asian food business, a potential $1 bln purchase. It has extended its lead before by gobbling up operations of retreating Western firms. Investors are tepid on the tech recovery but Grab has the muscle for a deal.

Total’s green bet on Gautam Adani is a win-win

21 Sep 2023

The $160 bln oil major is doubling down on its Indian partner, even though units it backed before are among the tycoon's worst performers since a short attack. TotalEnergies’ green targets may be more pressing than the risk of Adani woes. Bullishness is easier now to justify too.

Aussies may let $20 bln burn Brookfield’s pocket

19 Sep 2023

It’s what the Canadian investor wants to plough into renewables once it co-buys Origin Energy for $12 bln. But a big shareholder in the power company wants a higher offer. And the country’s antitrust watchdog may nix the deal, capping CEO Bruce Flatt’s climate options Down Under.

Ambani’s retail backers dispel only a little doubt

15 Sep 2023

Asia’s richest man is raising funds at the shopping unit of his Reliance Industries. Infusions from KKR and Qatar signal a $100 bln pre-IPO valuation, twice some analyst estimates, but there are caveats. A few more endorsements from new financial investors would go a long way.

Arm’s $52 bln IPO value sets stage for a fall

13 Sep 2023

CEO Rene Haas convinced investors to pay the top of the range for the chip designer’s float. To justify the valuation, he’ll have to turbocharge growth while keeping a lid on costs. Anything but laser-perfect results for the next two years will cause a rapid share price tumble.

Smurfit $11 bln bid for dominance risks paper cut

12 Sep 2023

The Irish cardboard-box king is handing a roughly 40% premium to investors in US rival WestRock as part of a deal to form a sector leader. The price overshadows chunky cost cuts, implying low returns. Yet standing still in a rapidly softening packaging market is not an option.

Samsonite’s baggage is heavy with geopolitics

12 Sep 2023

Of all the global companies listed in Hong Kong mulling full or partial exits from the city, the $5 bln luggage maker has the least financial motive to move but is “evaluating” venues nonetheless. It hints at the growing pressure on multinationals to plan for extreme scenarios.

Smucker takes big fat chance on anti-obesity drugs

11 Sep 2023

The peanut butter and jelly company is paying an unhealthy $5.6 bln to buy Twinkies maker Hostess. Boss Mark Smucker makes no bones about doubling down on sweet snacks. As Ozempic and other treatments threaten demand, it’s a strategy that would work if it weren’t so expensive.

Richard Li can afford to be fifth time lucky

11 Sep 2023

The tycoon’s Asian insurer FWD looks set to let its Hong Kong listing application lapse. Ending its fourth IPO push is sensible: it doesn’t urgently need funds. Yet Li’s multi-year run at a debut for his sober business is turning into a test for the languishing capital market.

Deal cops start practically walking the beat

8 Sep 2023

Rebuffed by court losses, US trustbusters seem almost conciliatory, dropping lawsuits against drugmaker Amgen’s $28 bln Horizon deal and ICE’s $12 bln takeover of Black Knight. Hardliners may object, but imposing tough remedies paves the way for stiff scrutiny that’s sustainable.

Sculptor standoff makes sense mainly for one guy

8 Sep 2023

The $34 bln hedge fund manager keeps snubbing a rival takeover bid led by Boaz Weinstein. His group is offering 14% more than agreed buyer Rithm and has made some helpful concessions. Most stakeholders would benefit if the stonewalling stopped, but not Sculptor boss Jimmy Levin.

Pinault’s Hollywood foray is untimely distraction

8 Sep 2023

The French tycoon will buy a majority stake in talent agency CAA, valued at $7 bln. The Tinseltown escapade offers diversification from luxury giant Kering. But it may complicate CEO François-Henri Pinault’s attempt to revive star brand Gucci while digesting other large deals.

Smurfit US deal would paper over post-Covid downer

7 Sep 2023

Europe’s No. 1 seller of boxes used by the likes of Amazon may merge with US peer WestRock to form a $20 bln giant. Smurfit Kappa snubbed a similar transatlantic deal in 2018. This time, synergies offer a logical way to offset a waning trend in pandemic-era home deliveries.

Double defensive gas deal offers relative cleaning

6 Sep 2023

Canadian pipeline firm Enbridge wants to reduce dependence on transporting oil. Dominion Energy wants to concentrate on clean electricity. Selling retail gas distribution businesses for $9.4 bln to Enbridge doesn’t directly reduce emissions. But it does make both look cleaner.