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.
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.
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.
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.
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.
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.
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.