Jeffrey Goldfarb is the U.S. Editor of Breakingviews. Based in New York, he coordinates coverage in the region, while frequently writing about Wall Street, private equity, M&A and the media and tech industries. Before becoming a columnist in 2007, he covered banking, mergers, international trade, healthcare and the internet for Reuters and BNA. From London, Jeffrey led the European corporate finance team for Reuters and coverage of the continent's media sector. He has a master's in journalism from Columbia University and a bachelor's degree in finance from The George Washington University. Follow Jeffrey on Twitter @jgfarb
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The UK-based insurance broker’s $18 bln union with U.S. consultancy Towers Watson is on the rocks. Investors have turned some $5 bln of promised synergy value into $1 bln of value destruction. A rescue would probably unbalance the economics, undermining the promised equality.
The U.S. hotelier lost to Marriott in the $12 bln takeover of Starwood. One factor was the Pritzker family’s tight grip on Hyatt. It conceded the flaw by offering to alter its super-voting share scheme in the bid. The rejection provides a warning to other feudal companies.
The $12 bln merger would create the world’s biggest hotelier. Marriott boss Arne Sorenson touts value creation, but the stated $200 mln in cost savings won’t cover the premium his company is paying. Starwood owners also initially reacted unhappily. The deal is looking defensive.
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