The French automotive supplier edged out its rivals with a 6.7 bln euro bid for Lippstadt-based Hella. Annual savings worth 15% of its target’s R&D and marketing costs justify the outlay on their own. Any sort of sales boost would amount to go-faster stripes and alloy wheels.

Beijing might exploit the collapse of the U.S.-backed state to consolidate economic influence in central Asia and improve energy security. But a volatile theocracy could also threaten its rising regional investments, and ultimately suck it into the mess the Americans fled.

MELBOURNE, Aug 16 (Reuters Breakingviews) - A sale of BHP’s (BHP.AX) oil and gas division to Australia’s Woodside Petroleum (WPL.AX) would have looked like a good deal for all sides just a few years ago. But if discussions, confirmed by both companies on Monday, leads to a transaction, the $183 billion miner will be the only one guaranteed of a decent outcome as carbon concerns bite.

Buying BHP Petroleum – which actually drills far more gas than oil – would be no small feat for Woodside. It would probably cost the company almost $15 billion, as reported by the Australian Financial Review, which is just a tad below Woodside’s current market value. And it would probably involve BHP shareholders being handed shares in the new owner.

At some 5.9 times the division’s 2022 EBITDA, as estimated by Citi, that’s comfortably above where oil majors like BP (BP.L) trade. That would allow BHP boss Mike Henry to argue he snagged a good price. It’s also above Woodside’s multiple...

MELBOURNE, Aug 16 (Reuters Breakingviews) - A sale of BHP’s (BHP.AX) oil and gas division to Australia’s Woodside Petroleum (WPL.AX) would have looked like a good deal for all sides just a few years ago. But if discussions, confirmed by both companies on Monday, leads to a transaction, the $183 billion miner will be the only one guaranteed of a decent outcome as carbon concerns bite.

Buying BHP Petroleum – which actually drills far more gas than oil – would be no small feat for Woodside. It would probably cost the company almost $15 billion, as reported by the Australian Financial Review, which is just a tad below Woodside’s current market value. And it would probably involve BHP shareholders being handed shares in the new owner.

At some 5.9 times the division’s 2022 EBITDA, as estimated by Citi, that’s comfortably above where oil majors like BP (BP.L) trade. That would allow BHP boss Mike Henry to argue he snagged a good price. It’s also above Woodside’s multiple...

MUMBAI, Aug 16 (Reuters Breakingviews) - Ola is charging up India’s electrification push. An affiliate of the SoftBank-backed (9984.T) ride-sharing outfit launched the battery-powered S1 scooter on Sunday. It’s the first model to roll out of its Futurefactory, which the company says will eventually produce 10 million scooters a year – equivalent to 15% of global capacity. Ola Electric wants to make electric cars too.

The bold initiative led by Bhavish Aggarwal has the scale and design savvy to lead disruption. About 15 million two-wheelers were sold in India in the year to March, accounting for some 80% of all vehicles sold domestically. The S1’s high-tech features, including voice-controls and a sensor-based locking system, will appeal to the country’s young population.

Aggressive pricing will speed take up. The basic S1 will cost 99,999 rupees ($1,348), which compares favourably with the small but growing number of rival offerings. After factoring in government...

Foreign investors are piling into Byju’s, upGrad, Eruditus and others, fuelling valuations and acquisitions. They have a stronger foundation for international expansion than Chinese peers. A young population also makes a Beijing-style crackdown on online learning less likely.

Foreign investors are piling into Byju’s, upGrad, Eruditus and others, fuelling valuations and acquisitions. They have a stronger foundation for international expansion than Chinese peers. A young population also makes a Beijing-style crackdown on online learning less likely.

MELBOURNE, Aug 13 (Reuters Breakingviews) - Australia has long defended its dependence on coal. The fossil fuel provides up to 70% of its power needs and is the country’s second-biggest export. So it’s progress when an establishment figure calls for a concerted effort to wean Down Under off the carbon-spewing black stuff. Trouble is, it’s coming from Graeme Hunt, chief executive of beleaguered, coal-dependent AGL Energy (AGL.AX), whose words could easily be read as a veiled pitch for a taxpayer bailout.

Hunt’s basic message makes sense. Moving Australia off coal and reducing greenhouse-gas emissions will require coordination between multiple stakeholders to ensure there’s enough renewable power to replace it. Employees and the regional economies that rely on the industry need to develop new sources of income, and then there has to be sufficient cash left over to clean up once the mines and power plants close.

The Australian state of Victoria in March struck a deal...

HONG KONG, Aug 13 (Reuters Breakingviews) - Coupang’s shoppers may be used to ultra-fast shipping, but investors waiting for the company to deliver a profit seem to be disappointed. South Korea’s $59 billion e-commerce darling reported a blistering 71% year-on-year increase in second-quarter revenue, to $4.5 billion. Operating losses also quintupled, however, to $515 million.

A fire at one of Coupang’s fulfillment centers was mostly to blame. Even after stripping out one-off costs, though, its adjusted EBITDA margin worsened to negative 2.7%, from negative 2.2% over the same stretch in 2020.

Chief Executive Bom Kim, who has drawn glowing comparisons to Amazon (AMZN.O) founder Jeff Bezos, is splurging on groceries and food delivery. Investments in those two units alone accounted for almost the entire adjusted EBITDA loss. After an 8% fall on Thursday, Coupang shares are now trading below their $35 initial public offering price in March. Given the Amazon analogy, it’s...

NEW YORK, Aug 13 (Reuters Breakingviews) - Moderna (MRNA.O) and Pfizer (PFE.N) just found an additional pot of gold. The U.S. Food and Drug Administration on Thursday authorized a third dose of their coronavirus vaccines for immunocompromised people. That’s about 3% of Americans, but broader use is probably coming soon. Both companies will benefit, but Moderna’s roughly $160 billion market capitalization depends on it more.

The science behind additional shots is somewhat murky as immunity isn’t an on-off switch. Vaccines lower the risk of infection, transmission and serious illness. The side effects from Pfizer and Moderna’s jabs appear to be minimal. As efficacy tends to wane over time – though how much isn't yet clear for Covid-19 immunizations – there's a case for an extra shot for the most vulnerable, even if, as is the case for now, it's not yet tailored to new virus variants.

If the goal is to end the pandemic, though, booster shots aren’t the best use of...

The U.S. has authorized a third dose of Covid-19 vaccines for people most at risk. That’s under 3% of the population, but broader use is likely in rich countries. Both producers will benefit, even if Moderna’s $160 bln valuation counts on more than just boosters in the future.

The U.S. has authorized a third dose of Covid-19 vaccines for people most at risk. That’s under 3% of the population, but broader use is likely in rich countries. Both producers will benefit, even if Moderna’s $160 bln valuation counts on more than just boosters in the future.

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BREAKINGVIEWS TV: Pet buyout Private equity firm Hellman & Friedman is buying German pet food supplier Zooplus for $3.5 bln. Sprucing up management should boost market share and replicate its rivals’ heady growth. Aimee Donnellan argues that with a little grooming, returns could be the cat’s meow.

LONDON, Aug 13 (Reuters Breakingviews) - Stakeholder capitalists like to shout. In the case of Philip Morris International’s (PM.N) offer for inhaler maker Vectura (VEC.L), the volume didn’t make much difference. PMI’s deep pockets prevailed over revulsion from health charities and a handful of investors at Big Tobacco looking to profit from treating diseases it helped create. Still, the noise makes scrutinising deals on broader stakeholder grounds look more normal.

Vectura’s board on Thursday endorsed PMI’s 1.1 billion pound offer, a mere 6% above one from Carlyle (CG.O) that it recommended a week ago. At the time, it considered ownership by the private equity group to be in the interests of some of its current stakeholders. Its observation that such parties would benefit from PMI’s financial heft and desire to boost research and development spending shows how subjective decisions can be when the focus stretches beyond solely financial returns.

In the end, Vectura...

Hellman & Friedman is splurging $3.5 bln on unloved German pet food supplier Zooplus. The online retailer is crying out for more investment and better management to cash in on the e-commerce and pet-ownership booms. Even with minimal debt, returns could turn out best in show.

Hellman & Friedman is splurging $3.5 bln on unloved German pet food supplier Zooplus. The online retailer is crying out for more investment and better management to cash in on the e-commerce and pet-ownership booms. Even with minimal debt, returns could turn out best in show.

The inhaler maker endorsed a bid from Philip Morris that was 6% above one from Carlyle. Juicier shareholder returns and deeper pockets to invest prevailed over distaste for Big Tobacco. But the noisy debate makes scrutinising deals on broader stakeholder grounds look more normal.

The inhaler maker endorsed a bid from Philip Morris that was 6% above one from Carlyle. Juicier shareholder returns and deeper pockets to invest prevailed over distaste for Big Tobacco. But the noisy debate makes scrutinising deals on broader stakeholder grounds look more normal.