Breakingviews on Twitter
Search League Tables

Thursday, 11 February 2016


A sign advertising the Qihoo 360 Technology Co Ltd is hung with the U.S. and Chinese flags outside of the New York Stock Exchange before the company's Initial Public Offering (IPO) in New York March 30, 2011.

Adtech deal arms China’s web groups against giants

11 February 2016

A consortium including search specialist Qihoo and gaming firm Kunlun are bidding $1.2 bln for Norway’s Opera Software. Despite a fat premium, the offer is not overly pricey. Plus, Opera could help the buyers move into lucrative niches not yet taken by Baidu, Alibaba or Tencent.

A pharmacy employee looks for medication as she works to fill a prescription while working at a pharmacy in New York December 23, 2009. REUTERS/Lucas Jackson

Overdue Mylan deal is not the one investors wanted

11 February 2016

Three months after rival Perrigo refused its $26 bln offer, the drugmaker has agreed to buy Sweden’s Meda AB. Though the $7.2 bln transaction makes strategic sense, the 92 pct premium is hard to justify. Mylan might have been better served by trying to sell, rather than buy.

Condensation collects on a glass of Asahi beer at a bar in Singapore in this October 23, 2015 file photo. Japan's Asahi Group Holdings Ltd said on January 12, 2016 it is exploring various possibilities after media reports that it will submit a bid to buy

Anheuser rolls Asahi on middling beer brands

10 February 2016

Though the $2.9 bln price tag is a bit lower than expected, the Japanese brewer’s acquisition of Peroni, Grolsch and Meantime from Mega-Beer clocks in at some 50 times probable EBIT. It’s only justifiable under the demographic logic of the buyer’s shrinking home country.

Men work on the roof of a luxury apartment building in Berlin

German real estate M&A fiasco leaves no winners

10 February 2016

The failure of Vonovia’s hostile bid for Deutsche Wohnen spares investors a long legal battle. The bidder comes away empty handed with at least 42 mln euros of costs. Wohnen’s defence involved a pricey acquisition. It’s time for German real estate to become boring again. 

A statue is seen next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, January 26, 2016.

Deutsche has enough capital but not enough clarity

10 February 2016

The German lender’s solvency is strong enough to withstand the most likely clouds on the horizon. But Deutsche Bank’s 1.4 trln euro balance sheet is opaque and stuffed with derivatives. Boss John Cryan could deliver relief by opening up on its oil and other exposures.

Rosneft Chief Executive Igor Sechin attends an energy club summit of the St. Petersburg International Economic Forum 2015 (SPIEF 2015) in St. Petersburg, Russia, June 19, 2015.

Russia and OPEC inch towards grand oil bargain

10 February 2016

Russia’s Igor Sechin has hinted that the Kremlin is willing to cut an oil deal with OPEC. The head of Rosneft believes 1 million barrels per day of cuts shared with the cartel could revive prices. For struggling members like Venezuela, it might be just in the nick of time.

John Cryan

Deutsche Bank show of virility would lack punch

10 February 2016

The German lender’s shares have jumped after reports it could buy back debt amid a wider market rout. The actual amount CEO John Cryan could raise is limited. As with ex-boss Josef Ackermann’s attempt to reject ECB liquidity in 2012, the boast is what counts.