Neil Unmack is a Reuters Breakingviews columnist based in London. He covers credit markets, hedge funds, and Italy. Previously he was a corporate finance reporter at Bloomberg News in London. He started his career as a financial journalist in 2001 at Euromoney Institutional Investor, where he covered structured finance for EuroWeek magazine. He was educated at Eton College and Oxford University, graduating with a first class degree in modern languages. Follow Neil on Twitter @unmack1
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The beleaguered Spanish engineering group might survive if lenders take haircuts of two-thirds. In liquidation, losses could mushroom due to the group’s spiralling working capital needs, complex business and slow Spanish courts. Abengoa needs a speedy resolution and more cash.
The drugmakers’ shares are trading far below the prices implied by Pfizer’s all-stock offer - as if the merger were going to create no value. Arbitrageurs who used to exploit such gaps have little taste for massive deals – especially ones that have politicians on the warpath.
The Italian bank resolution fund will cough up 3.6 billion euros to restructure four failing lenders. Officially, public funds won’t be used, but the burden will hit a sector already struggling with low rates and weak demand. Rome could find itself on the hook too.
- A Panglossian guide to valuing Telecom Italia
- UK fund fee crackdown a welcome detour from TBTF
- Bollore’s tilt at Telecom Italia board too cheeky
- UniCredit opts for fingers-crossed capital plan
- Cutting Portugal’s lifeline would be act of mercy
- Portugal dangles between stasis and crisis
- Telecom Italia tidy-up won’t fix strategic clutter