Journalists
Aliza joined breakingviews in December 2007 after completing a masters in business journalism at New York University. She began her career as an analyst in the prime brokerage group at Goldman Sachs, and has interned with CNBC and Bloomberg News. Prior to that, Aliza received a BA (Phi Beta Kappa) from Brandeis University in economics and politics and spent ten years living in Paris, France.
It’s hard for investors or the media to do more than turn their noses up at the three-way scrum between North American fertilizer groups. But the $9bn-worth of bids has helped Wall Street banks, lawyers and PR firms keep the lights on. Its passing will leave a fee void.
The Spanish operator had already topped the French media group’s offer for Brazilian telecom upstart GVT. Telefónica has now raised its bid by 5% more to $3.8bn. As a result of Brazilian takeover laws, that leaves Vivendi even further in the dust.
The South African brewer is the front-runner to acquire Mexico’s Femsa for some $7.5bn. It could easily finance the deal and Femsa would fit well with its emerging market portfolio. But getting the numbers to work for shareholders won’t be easy.
The Dutch brewer probably can’t finance Femsa's $7.5bn-plus price tag with debt alone. To buy its Mexican partner, the family-controlled brewer would need to issue equity. Rob Cox and Aliza Rosenbaum show how it can do so without the family losing control - or spending a euro.
Warren Buffett reckons some dog-eared stocks can deliver more puff than expected. US-focused Altria's cigarette volumes are falling and healthcare reforms could further burden smokers and manufacturers. But investors could be underestimating the Marlboro Man's resilience.
The French media group’s E2bn bid for the telecom upstart GVT has now been challenged by Telefónica’s Brazilian arm, Telesp. It’s easy to see why Vivendi wants in on the hot market, but Telesp’s ability to reap synergies gives it an edge in sealing the deal.
Canada’s huge but expensive reserves fell out of favour as oil prices plummeted from their 2008 peaks. But a price hovering around $70 a barrel makes investment attractive once again – especially if recovering demand and dwindling supply support the price or push it higher.
The French media group won control of Brazilian telecom upstart GVT. It will pay $4bn to enter the red-hot market, having raised its offer by a third to beat out Spain’s Telefónica. Brazil is an attractive market and Vivendi has telecom experience, but the price still looks high.
The Oreo-maker beat profit estimates for the third quarter, but cut its sales forecast for the year. That makes faster-growing Cadbury even more attractive. Yet Kraft would still struggle to justify raising its offer for the UK confectioner much more.
The Texan major has long been the model for efficiency in the industry and still enjoys a sizeable lead. But Shell, BP and others are hoping to narrow the gap with more credible restructuring plans and stronger discipline on expenses. They have a way to go yet.
The genealogy website wants to raise $100m in an IPO valuing its current subscribers at about $555 a head - and its shares well above recent internal estimates. While retiring baby boomers searching for their ancestors may flock to the site, the valuation seems too high.
The US industrial conglomerate may finally part ways with the media arm it spent 24 years and at least $33bn assembling. A Comcast deal valuing NBC at $24bn wouldn’t be a total disaster – but Rob Cox and Aliza Rosenbaum say it’s hardly a vindication of GE's management philosophy.
The oil major is set to pay $4bn for a stake in Ghana’s offshore Jubilee field. The deal would bring a big payday for the current private equity owners and raise the stakes for Ghana. But the tiny impact on Exxon highlights the challenge it faces replenishing its reserves.
The revenue-free micro-blogging site is said to have raised $100m at an implied $1bn price tag. There have been many opportunistic capital markets issues recently. But Twitter's valuation - at twice Facebook's per user - could be the best example of market exuberance.