• Luxury yachts IPO tests Chinese salvaging skills Link @LJucca
    ReutersBreakingviews Wed 18 Sep 2019 14:35

    Ferretti, the maker of boats beloved by stars like George Clooney, is cruising to a Milan listing a decade after its shipwreck. State-owned Weichai spent 470 mln euros to rebuild the brand from near insolvency. The Chinese group needs an LVMH-like valuation to double its money.

  • The UK government is reviewing the $5 bln acquisition of Cobham by U.S. buyout group Advent. Blocking the sale would imply Britain’s post-Brexit future is more closed than open. @edwardcropley writes: Link
    ReutersBreakingviews Wed 18 Sep 2019 10:25

    The government is reviewing the $5 bln acquisition of Cobham by U.S. buyout group Advent. The aviation contractor’s investors already approved it, and national security concerns are spurious. Blocking the sale would imply Britain’s post-Brexit future is more closed than open.

  • Spain’s strong economy and low borrowing costs have remained remarkably resilient throughout its recent political dysfunction. The gap with its more chaotic Italy may close as Spain heads for its fourth election in four years. @LiamWardProud writes: Link
    ReutersBreakingviews Wed 18 Sep 2019 10:25

    The fourth election in four years follows Prime Minister Pedro Sanchez’s failure to form a government. Unlike in Italy, bond investors have shrugged off Spain’s dysfunctional politics. But gridlock has left debt high as growth dips, while the Catalan question remains unsolved.

  • The appointment of Adam Farkas, an executive director at the European Banking Authority, as the new boss of Association for Financial Markets in Europe is a significant coup for the continent’s financial lobby. @CGAThompson says: Link
    ReutersBreakingviews Wed 18 Sep 2019 10:20

    The main lobbyist for European banks named a top regulator as its new boss. Shuttling from government to industry is not unusual but should involve a cooling off period. Already criticised for being insufficiently tough, the hire will compound the watchdog’s image problem.

  • Moncler boss Remo Ruffini’s statement of the obvious – that Hong Kong protests will dampen sales of his bling puff jackets – could be a warning sign for rivals, says @LJucca Link
    ReutersBreakingviews Wed 18 Sep 2019 10:20

    Boss Remo Ruffini’s statement of the obvious, that Hong Kong protests will dampen sales of its bling puff jackets, is a warning sign for rivals. With unrest deterring shopping-mad tourists, fully rebuilding on the mainland what’s been lost in the Fragrant Harbour will be tough.

  • The collapsed 36 billion euro marriage of carmakers Renault and Fiat Chrysler still makes a lot of sense. Yet that becomes less true with every day that passes. @LiamWardProud writes: Link
    ReutersBreakingviews Wed 18 Sep 2019 10:20

    The collapsed merger of the two car groups promised savings worth 33 bln euros. That’ll shrink if Fiat kickstarts its own electric-car investments rather than piggybacking on Renault’s. The longer the French take to win over hesitant ally Nissan, the less sense a Fiat deal makes.

  • Defence deal puts post-Brexit UK in crosshairs Link @edwardcropley
    ReutersBreakingviews Wed 18 Sep 2019 10:20

    The government is reviewing the $5 bln acquisition of Cobham by U.S. buyout group Advent. The aviation contractor’s investors already approved it, and national security concerns are spurious. Blocking the sale would imply Britain’s post-Brexit future is more closed than open.

  • Spain turns Italian as economic fault lines widen Link @LiamWardProud
    ReutersBreakingviews Wed 18 Sep 2019 10:15

    The fourth election in four years follows Prime Minister Pedro Sanchez’s failure to form a government. Unlike in Italy, bond investors have shrugged off Spain’s dysfunctional politics. But gridlock has left debt high as growth dips, while the Catalan question remains unsolved.

  • Revolving door makes EU bank cop look hapless Link @CGAThompson
    ReutersBreakingviews Wed 18 Sep 2019 10:15

    The main lobbyist for European banks named a top regulator as its new boss. Shuttling from government to industry is not unusual but should involve a cooling off period. Already criticised for being insufficiently tough, the hire will compound the watchdog’s image problem.

  • Moncler sings like canary in China’s lux coal mine Link @LJucca
    ReutersBreakingviews Wed 18 Sep 2019 10:15

    Boss Remo Ruffini’s statement of the obvious, that Hong Kong protests will dampen sales of its bling puff jackets, is a warning sign for rivals. With unrest deterring shopping-mad tourists, fully rebuilding on the mainland what’s been lost in the Fragrant Harbour will be tough.

  • Fiat can’t wait forever for Renault to sort itself Link @LiamWardProud
    ReutersBreakingviews Wed 18 Sep 2019 08:25

    The collapsed merger of the two car groups promised savings worth 33 bln euros. That’ll shrink if Fiat kickstarts its own electric-car investments rather than piggybacking on Renault’s. The longer the French take to win over hesitant ally Nissan, the less sense a Fiat deal makes.

  • The relaunch of Anheuser-Busch InBev’s failed Asia listing is a more sober affair this time around, says @AlecMac11 Link https://t.co/s6dnKFeL2b
    ReutersBreakingviews Wed 18 Sep 2019 04:20

    The Belgian brewer’s Asia unit has relaunched its failed IPO with a lower $4.8 bln target, offering a better growth story at a similar valuation. CEO Carlos Brito may fetch more for the business than he originally wanted, too. Flourishing in a rocky market will be the tough part.

  • RT @peter_tl: What would WeWork be worth if it slams on the growth brakes and focuses on making a profit? @LiamWardProud has crunched the n…
    ReutersBreakingviews Wed 18 Sep 2019 03:50
  • China's pig problem: Pork prices are up by about 50% in a year. Yet inflation remains muted, prompting speculation officials may be massaging the figures. That's an opportunity for Beijing to open up, says @cbeddor Link https://t.co/rVpBc14NBj
    ReutersBreakingviews Wed 18 Sep 2019 03:45

    African swine fever has driven local pork prices up by about 50% in a year. Inflation remains muted regardless, prompting some speculation that officials may be massaging the figures. Other factors make that unlikely, but it’s a rare opportunity for Beijing to open up – a little.

  • AB InBev returns to Hong Kong with a soberer pitch: the relaunched IPO offers a better growth story at a similar valuation. Flourishing in a rocky market will be the tough part, says @AlecMac11 Link https://t.co/AdDlnss9Yp
    ReutersBreakingviews Wed 18 Sep 2019 03:35

    The Belgian brewer’s Asia unit has relaunched its failed IPO with a lower $4.8 bln target, offering a better growth story at a similar valuation. CEO Carlos Brito may fetch more for the business than he originally wanted, too. Flourishing in a rocky market will be the tough part.

  • Pig crisis gives China a shot at transparency: Inflation remains muted despite rising pork prices, prompting speculation officials may be massaging figures. It's a rare opportunity for Beijing to open up, says @cbeddor Link https://t.co/p8tx5V1wsO
    ReutersBreakingviews Wed 18 Sep 2019 02:10

    African swine fever has driven local pork prices up by about 50% in a year. Inflation remains muted regardless, prompting some speculation that officials may be massaging the figures. Other factors make that unlikely, but it’s a rare opportunity for Beijing to open up – a little.

  • Watch: WeWork is postponing its IPO and might be worth even less than $10 billion. But the company needs the money from the IPO to keep growing, creating a circularity that’ll be difficult to escape, says @LiamWardProud. Link
    ReutersBreakingviews Tue 17 Sep 2019 23:10
  • Money markets wobbled badly today – but what matters more is that they righted themselves, with help from the @NewYorkFed, says @johnsfoley. Link https://t.co/3o9urVzfEa
    ReutersBreakingviews Tue 17 Sep 2019 22:55

    The U.S. Fed pumped in $53 bln to calm interbank lending after rates spiked. The movements were dramatic, but the many causes look mostly mundane. Banks might use the ructions to argue they deserve a regulatory break. Such ripples, though, can be tolerated, and may have to be.

  • Data is an asset in M&A. If new national security rules from @USTreasury take effect, it could turn into a liability, says @GinaChon. Link https://t.co/ERB1S36JKS
    ReutersBreakingviews Tue 17 Sep 2019 22:50

    Minority stakes in U.S. firms with sensitive information on Americans may soon be subject to national security reviews – a sensible acknowledgement that data has value. There’s a cost though. Casting the net that wide will put a chill on inbound deals, and not just from China.

  • Saudi Aramco’s recovery from the attack that knocked out half of its production over the weekend is remarkable, but the company comes back a little less valuable than it was, writes @gfhay. Link https://t.co/l76cAUcUnA
    ReutersBreakingviews Tue 17 Sep 2019 22:40

    The oil giant thinks its supplies will have fully recovered from drone attacks by the end of the month. That’s good for Aramco’s credibility, and also for a balanced global market. Yet investors now have a new risk to price in, and oil prices are more likely to remain subdued.

  • RT @Lipper_Alpha: Blackstone $4.7 bln REIT deal houses market oddity. New analysis from @Breakingviews: Link https://t.co…
    ReutersBreakingviews Tue 17 Sep 2019 18:09
    Breakingviews aim is to be the first with a view on matters of interest to global financial professionals, and to give our readers unique analytical insight. Our columnists crunch the numbers, think through the ramifications of events and deliver innovative and hard-hitting perspectives. We produce concise articles that take only a couple of minutes to read, get straight to the point and express a clear view
  • WeWork has delayed its IPO due to weak demand from investors. Without the cash, growth will dip, potentially pushing the office-sharing startup’s value even lower, writes @LiamWardProud. Link
    ReutersBreakingviews Tue 17 Sep 2019 17:24

    CEO Adam Neumann postponed a float, which may have pegged his office-sharing startup’s worth at $10 bln compared with a $47 bln private price tag. Yet without an IPO, parent The We Company’s growth may stall. If so, WeWork’s true value could be half even its mooted listing price.

  • Sony rejected a call from Dan Loeb’s Third Point to spin off its chips business. The long-term case for keeping it is fuzzy but this may not be the best time for separation. @jgfarb says: Link
    ReutersBreakingviews Tue 17 Sep 2019 16:14

    The $75 bln Japanese entertainment conglomerate rejected a call from Dan Loeb’s Third Point to spin off its chips business. The long-term case for keeping it is fuzzy but this may not be the best time for separation. It’s harder to support Sony holding onto its finance unit.

  • The We Company postponed a float, which may have pegged the office-sharing startup’s worth at $10 bln compared with a $47 bln private price tag. Yet without an IPO, parent The We Company’s growth may stall. @LiamWardProud writes: Link
    ReutersBreakingviews Tue 17 Sep 2019 16:14

    CEO Adam Neumann postponed a float, which may have pegged his office-sharing startup’s worth at $10 bln compared with a $47 bln private price tag. Yet without an IPO, parent The We Company’s growth may stall. If so, WeWork’s true value could be half even its mooted listing price.

  • Advent, Cinven and ADIA are lining up a bid for the German conglomerate Thyssenkrupp’s elevators, the FT says. Buyout offers exit if Thyssenkrupp gets stuck in lift, @edwardcropley writes: Link
    ReutersBreakingviews Tue 17 Sep 2019 16:14

    Advent, Cinven and ADIA are lining up a bid for the German conglomerate’s elevators, the FT says. Thyssenkrupp may prefer trade rival Kone’s greater scope to offer an enticing price. But private equity has less to worry about from the EU’s recently reappointed antitrust chief.

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