Text size [+][-] Thursday September 2 2010GLOBAL EDITION
Home > Breaking stories
By overpaying for 5 bln barrels of reserves the Brazilian state-controlled oil group is transferring up to $17 bln of value to the government, whose stake will also rise. Petrobras is looking like an instrument of the state rather than a guardian of shareholder interests.
The capitalists behind Anheuser InBev are relieving TPG, Bain and Goldman of command of the fast-food chain for $4 bln. While the sponsors relied on typical financial engineering, BK's new Brazilian owners have a grander plan: to do for burgers what they did for beer.
The company has finally bowed out of its mad bidding war for 3PAR. Yet its investors displayed neither much concern about overpayment nor relief about the deal being dropped. After a decade of scandals, missed opportunities and dismal performance, they may have stopped caring.
Intervening in the battle for control of the Canadian fertiliser group would fit with the state-owned firm's aim to be a mainstay for China's agricultural safety. Financing won't be a barrier. But Sinochem will face other hurdles if it wants to block BHP Billiton's $39 bln bid.
Reuters Breakingviews is the world's leading source of agenda-setting financial insight. Breakingviews has recently been acquired by Thomson Reuters and is now Reuters’ brand for financial commentary. Every day, we comment on the big financial stories as they break. Breakingviews has around 30 columnists based in London, New York, Hong Kong, Paris, Washington, Moscow and Madrid. We also syndicate selected columns on Reuters.com and in 15 influential newspapers including The New York Times, The Telegraph, The International Herald Tribune and Le Monde.
Learn more
Even when you don't agree, it still makes you think. Charles Sherwood, partner and member of the board, Permira
Read more