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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Germany’s drugs group Merck has made a toppy 1.6 bln stg offer for the UK’s AZ Electronic Materials. The deal offers synergies and diversification, and deploys otherwise idle cash. Since pharma valuations are rich, the speciality electronics firm offers relatively cheap growth.
After years living off EU and IMF bailouts, the country aims at tapping private creditors next year. Brutal austerity means the Greek budget has a primary balance, while the debt load remains. Haircutting official creditors would square the circle – yet is politically toxic.
Mere mention of the complex derivative induces ire and laughter for its role in the crisis and JPMorgan’s whale fail. Citi’s latest iteration of the CDO, though, is less of a monstrosity. It shows that while there’s no way to eradicate greed, buffers for it can at least be built.
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- Monte dei Paschi poised to perform Houdini act
- Moment of truth looms for Britain’s payday lenders
- Markets may one day notice depth of French funk
- Sovereign CoCos look like good financial innovation
- DSM’s pill deal oddly blends carve-out and LBO
- Italy finds a hidden trove of bank capital and tax