Mergers & Acquisitions

Bank M&A in the new Italy evokes old Italy’s flaws

24 Jan 2025

Monte dei Paschi’s shares fell after it bid 13 bln euros for larger Mediobanca. There’s little logic in combining bailed-out MPS and activities such as wealth management. As with past Italian dealmaking, the benefits – if any – accrue to well-connected insiders or the government.

Nissan-Honda deal faces big problems in China

23 Jan 2025

The merging Japanese duo’s sales have been shrinking for years in the world’s largest, and growing, car market. Joining forces could cut costs, not least on new EVs to compete with dominant rivals like BYD. But it’s a go-slow tie-up. And their local joint ventures are wildcards.

Hong Kong broadband buyout has a lot on the line

22 Jan 2025

State-owned China Mobile is buying internet provider HKBN for $900 mln, the latest example of mainland firms expanding their presence in the city. But a US fund may lob in a higher offer. If and how a bidding war unfolds will show how open the financial hub is to Western capital.

European mega fund deal swaps scale for complexity

21 Jan 2025

Insurer Generali and French bank BPCE are pooling asset managers. A quirky joint-venture structure, and sceptical Italian shareholder, add risk in a sector where M&A is already tricky. The quid pro quo is a chance to create a 1.9 trln euro champion in a consolidating market.

Glencore’s M&A bind requires bold coal cleanup

17 Jan 2025

The $57 bln miner’s approach to Rio Tinto came to nought, its second thwarted deal in two years. Glencore’s copper unit and low valuation may appeal to partners, but its big dirty fuel business is a downer. Spinning it off isn’t easy, but remains CEO Gary Nagle’s least bad move.

Mega-merger boom threatens a shareholder bloodbath

17 Jan 2025

Lower interest rates and laxer antitrust policy augur a rebound in $10 bln-plus deals, but they often destroy value, a Breakingviews analysis finds. Healthcare and financial CEOs have been especially bad at chunky M&A since 2020, while the energy industry only rates as least bad.

Memo to CEOs: enjoy the M&A fervor while it lasts

15 Jan 2025

A fresh rush of activity is receiving an uncommonly warm welcome from investors trusting acquisitive bosses to create value. Even United Rentals’ $5 bln deal, which leans on hazier promises to lift sales, got a thumbs-up. As the trend emboldens more buyers, leeriness will return.

Politics will test Franco-Swiss $33 bln megamerger

15 Jan 2025

Parisian testing and certification group Bureau Veritas is discussing a tie-up with Geneva-based peer SGS. In theory, a deal in the fragmented sector could bring helpful scale and diversification. But the French government’s 4% stake may make it hard to extract racy cost savings.

US Steel becomes a target as weak as its industry

13 Jan 2025

During a wild press conference, Cleveland-Cliffs boss Lourenco Goncalves vowed to buy the rival producer, even as it tries to salvage a blocked sale to Nippon Steel. The price is well below that deal’s $15 bln price tag. With the market in a rut, though, options are running thin.

J&J’s $15 bln depression deal eases pharma blues

13 Jan 2025

The $344 bln healthcare firm has spent years dealing with lawsuits and pruning assets. Meanwhile, novel drug developers’ stocks have been stuck in purgatory for a decade, making them look cheap. For giants like Johnson & Johnson in need of new products an M&A solution is obvious.

Apollo’s Japan deal will require buyout black belt

13 Jan 2025

The US firm might put $9.5 bln towards a family-led bid for convenience store chain Seven & i. Writing a check that size would stretch Apollo’s ability to arrange big, complex financings. Japan’s private equity gold rush is pushing global asset managers to develop new tricks.

Workwear peddler models post-inflation M&A look

10 Jan 2025

Cintas unveiled its unsolicited $5 bln bid for rival UniFirst, a healthy 62% premium. The suitor’s higher profitability and valuation will help it pile on pressure. It’s also a deal template that heavyweights in other industries are likely to follow as pricing power wanes.

Constellation mega-deal delicately orbits AI sun

10 Jan 2025

The biggest US nuclear power producer agreed to buy gas-fueled rival Calpine for $27 bln to help feed insatiable high-tech demand. Optimistic projections have wrong-footed electricity providers before. In this case, though, the price is cheap and hedged by paying in stock.

Versace is an awkward fit for most luxury buyers

10 Jan 2025

Michael Kors owner Capri has put the storied brand on the block. A potential $3 bln valuation wouldn’t be a financial stretch for the likes of Prada. Even so, Versace would represent a different strategic direction to the one the healthier luxury players have embarked on.

Bain buyout fight shows allure of pensions

9 Jan 2025

The US investment firm is competing with CC Capital to take Australia's $1.7 bln Insignia Financial private. A new owner can accelerate much-needed cost cuts but the target will struggle to grow. Still, the deal is a rare chance to buy into the coveted superannuation industry.

US Steel spat strengthens case for deal guardrails

8 Jan 2025

The steelmaker and suitor Nippon Steel are suing the government over President Biden’s decision to nix their $15 bln tie-up. Overturning the ruling is a long shot, despite signs of transactional politicking. But foreign investors would benefit from a more trustworthy process.

Getty deal is picture-perfect M&A for 2025

7 Jan 2025

The stock image company is merging with rival Shutterstock. With aging tech firms in need of cleaning up, AI threats rising and trustbusters perhaps muzzled, the scene is set for dealmaking. Add savings worth $865 mln to the buyer and this is an ideal snapshot of how it may look.

Disney deal barely clarifies its TV picture

7 Jan 2025

Boss Bob Iger is injecting Hulu’s struggling live-TV bundle into the $2 bln owner of streaming service Fubo and taking a 70% stake. The transaction helps clear the way for a separate sports-package JV, but does little to solve the real problem: fast-fading broadcast television.

Adani’s consumer exit crystallises costs of crisis

6 Jan 2025

The Indian infrastructure group will end a 25-year-old cooking oil joint venture with Wilmar. The sale of its stake to its Singapore partner is discounted and convoluted but, if all goes well, the deal will raise $2 bln and boost the embattled seller's financial position.

Moutai will raise a glass to its LVMH moment

2 Jan 2025

China’s $260 bln liquor giant wants to appeal to young shoppers. A tie-up with local sportswear retailer Li Ning can be the answer. Moutai’s $25 bln cash pile and the potential target’s beaten-down valuation offer a tantalising opportunity to create a national consumer champion.