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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HeidelbergCement’s acquisition of cement maker Italcementi marks the end of an era in Italian corporate finance. The Pesenti family’s empire was a part of the salotto buono of cross-shareholdings created by Mediobanca’s Enrico Cuccia. Its sale shows Italy is open, and healthier.
The $275 bln Swiss pharma group is injecting three drugs-in-development into a new entity backed by UK investors. Venture capital markets can be better at valuing and nurturing small drugs than Big Pharma shareholders. With biotech markets hot, there’s room for copycat deals.
A law which wiped out guaranteed creditors of bust bank Heta has been thrown out. The sums are small, but the court’s decision may embolden creditors in a bigger fight, over 10 bln euros of other state-backed debt. The verdict hurts Austria, but the legal logic is hard to fault.
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- Tsipras U-turn only lowers short-term Grexit risks
- Greek exit costs are more bearable than they look
- ECB's Greek bank haircut leaves room for deal
- Euro zone markets and politics point to Greek exit
- Greek "No" vote means ECB can no longer sit on fence
- Tsipras departure could unlock Greek debt relief