Exchanges/Platforms

Europe’s wilting bourses get fresh cause to unite

12 Feb 2024

The likely de-listings of Italy’s Saras and Tod’s add to a wider exodus from euro zone stock exchanges. Part of the problem is a lack of new European companies to replace them. But Europe could also help itself if its equity market rules and trading were less fragmented.

Holcim split cements deglobalisation trend

29 Jan 2024

The $43 bln Swiss building materials giant is separating its fast-growing North American arm from its remaining operations in an attempt to unlock value. The striking thing is that investors appear to view Holcim’s global scale as a brake on value, rather than a driver of it.

Shein’s waste factor is its ultimate IPO risk

19 Jan 2024

The China-linked retailer’s lean production model helps it keep inventory low. Yet its polyester garments are carbon-intensive and hard to recycle. Regulators’ growing unease about textile pollution, and the cost of addressing the mess, may require giving up clients or margins.

CVC’s German perfume float may fail the smell test

15 Jan 2024

The buyout fund wants to list beauty retailer Douglas in Frankfurt, valuing its equity at roughly 7 bln euros. It’s time for CVC to offload an asset it’s held since 2015. But high debt and slower online sales than peers are reasons for investors to turn up their noses.

Green investors will learn the art of stockpicking

21 Dec 2023

Wind and solar stocks had a torrid 2023, as stars like Orsted crashed. But renewables investment is strong, input cost inflation is abating and rates may have peaked. Investors able to pick developers in the right sector, or suppliers in the right regions, may find bargains.

Stellantis will cruise with GM and Ford

18 Dec 2023

The maker of Jeeps and Opels run by Carlos Tavares is one of Europe’s lowest-valued carmakers. Yet it generates much of its income in the US, and boasts industry-leading profit margins. Keeping a single New York listing could see its valuation match Detroit rivals.

New Hong Kong bourse CEO picks up unfinished task

15 Dec 2023

Under Nicolas Aguzin, the $42 bln market operator failed to win big IPOs and the stock lagged its Singapore rival. His successor Bonnie Chan needs to diversify the business. She is starting from a low base in ropey markets and faces investor aversion to China. It’s a tough job.

IPO wannabes dress up with few places to go

7 Dec 2023

Fast-fashion empire Shein tops the list of hotly anticipated market debuts, at a possible $90 bln valuation. Reddit, Golden Goose, Skims and CVC are among many others poised to sashay. There’s no red carpet awaiting yet; US and UK elections could make one even harder to roll out.

LME win leaves one tricky question unanswered

29 Nov 2023

A court backed the London Metal Exchange’s decision to cancel $12 bln of nickel trades, rejecting a challenge by fund Elliott. The HKEX-owned venue has improved its standards. But the verdict does not address its conflict of being both a regulator and a commercial player.

IPO laggards’ race to the bottom misses the target

10 Nov 2023

Italy is siding with the UK in changing listing rules to stop firms moving to foreign venues. Greater voting power for founders may appeal to tech or family-owned companies. Yet Rome’s high debt and slow growth mean that, like in Brexit-battered Britain, the exodus may continue.

Payments mess sends warning on UK IPO revival plan

8 Nov 2023

CAB Payments’ stock fell 80% since its July listing, amid concerns over its business model. It suggests stock markets are already struggling to push back on risky issuers. A new light-touch listing regime may make such accidents more common, and London less appealing for floats.

Capital Calls: CVC, Grocer wars, Atos

2 Nov 2023

Concise views on global finance: The European buyout group has postponed its plans to list in Amsterdam; British supermarket Sainsbury’s is thriving, which is bad news for rivals like CD&R-owned Morrisons; French IT firm Onepoint has grabbed a 10% stake in ailing peer Atos.

Renk blowup points to winter of IPO discontent

5 Oct 2023

The defence contractor pulled its $2 bln listing in Frankfurt. A slump in defence stocks and a selloff in bond markets explain the abrupt decision. But given the company’s growth prospects and cautious pricing, its failure is likely to deter would-be followers.

European listing exodus is just beginning

28 Sep 2023

Building materials firm CRH and packaging giant Smurfit Kappa are among a growing list of companies seeking to decamp from Europe to US exchanges. In this Viewsroom podcast, Breakingviews columnists discuss what is prompting groups to leave and why the rot is unlikely to ease.

Coty’s listing treatment is just cosmetic

26 Sep 2023

The $10 bln US-traded beauty firm is going against the tide with a dual listing in Paris. That may give it more visibility with European investors and the funds will cut its debt. But it won’t reduce the risk of its luxury clients boosting their own cosmetic and perfume arms.

Irish listing rot is symptom of wider EU malaise

25 Sep 2023

Packaging giant Smurfit Kappa may follow CRH in ditching Dublin for the US. The exodus, along with other potential defectors, will erode over half of the $172 bln exchange’s value. Without meaty subsidies or a pan-EU capital market, global firms have little reason to stay.

UK biotech sale offers cautionary spin on US pivot

29 Aug 2023

Abcam, a Cambridge-based maker of proteins for research, is selling to Danaher for $5.7 bln. Shifting listing venues from London to New York, as the seller did recently, is in vogue. But given its US buyer has got a good price, it’s a sign that doing so is far from a panacea.

ICE cuts tortuous path through frosty trustbusters

7 Aug 2023

It took 15 months, two divestitures and an 11% discount, but Black Knight’s $12 bln sale to the NYSE operator is set to close after deal enforcers dropped a lawsuit. It’s a small sign that even FTC chief Lina Khan can see clear to settle, if merger participants concede enough.

Cracking the IPO window is a tall task

3 Aug 2023

Sandal-maker Birkenstock is among those angling to defy a downturn in stock-market debuts. In this Viewsroom podcast, Breakingviews columnists discuss how corporate hopefuls on both sides of the Atlantic are trying to thaw the deepest freeze on public listings since the pandemic.

LSEG’s dealmaking payoff arrives in installments

3 Aug 2023

The London Stock Exchange owner’s growth is accelerating as it turns around the Refinitiv data business it bought in 2021. CEO David Schwimmer can point to tangible cost savings and more stable revenue. The $58 bln group’s stock, however, has yet to fully price in the benefits.