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 UK drugmaker no longer thinks it can grow earnings in 2014. Sales are being hit by price pressure and generic competition. Debt limits GSK’s ability to buy its way out of trouble; Chinese probes look like a poison pill to a tax-inverting merger. The stock is cheap for a reason.
Madrid twice failed to flog bailed-out Catalunya Banc. Selling 6.4 bln euros of the bank’s bad loans to the U.S. buyout group will help a privatisation – but only after Spain stumps up another 572 million euros. In return, Madrid gets some potential upside. Strictly potential.
The stock has fallen sharply again. Forced selling for margin calls may be the main reason but a capital hike is needed to stabilise matters. On a gloomy analysis, the Portuguese bank probably still has a sliver of equity. That suggests opportunity for a private-sector saviour.
- Shire shows power of tax inversion levers
- Banco Espirito Santo’s part-reveal is inconclusive
- Portugal in race against time to sort out BES
- Shire can get more from AbbVie
- Buyout barons make a tricky target for Carney
- Fincantieri slide augurs ill for Italian selloffs
- Capacity doubt hangs over booming longevity market