Antony Currie has more than a decade of experience as a financial journalist, having worked with Euromoney since 1996, most recently as a US editor. He has worked on assignments in the major financial centres of Europe and the US and written stories on capital markets, global economies and the investment banking industry. He holds a bachelor's degree in German language and literature and a master's degree in politics and international relations from the University of Bristol. Follow Antony on Twitter @AntonyMCurrie
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The U.S. carmaker revved up its best quarter since 2000, with a record showing in North America. Boss Mark Fields sounded optimistic, too. That makes it easy for Ford to ignore the Fiat Chrysler CEO’s pleas for industry consolidation – even if tie-ups make sense longer term.
Shares in McGraw Hill lost $1.6 bln of value after it agreed to buy the financial data firm for 53 times last year’s EBITDA. That suggests investors value the growing SNL at little more than the $550 mln of tax breaks it brings. The multiple is crazy, but that doesn’t compute.
Second-quarter results show the two independent advisers have not reaped as much benefit as bulge-bracket rivals from the recent dealmaking surge. But their simpler business models and higher margins leave more of the gains for shareholders – especially owners of Lazard.
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- John Thain leads way for U.S. regional bank M&A
- Morgan Stanley makes modern run at Goldman
- Goldman for once may miss mega-bank sprawl
- U.S. banks lay bare irrational investor exuberance
- Santander puts JPMorgan stamp on U.S. business
- BofA earnings best in years but tougher task ahead