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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A blockbuster drug the UK group bought in a $2.7 bln deal has been delayed. The production glitch could mean just a few months holdup, but highlights why Astra trades at a lower valuation than peers. Buying and selling businesses is a risky way to manage a looming patent cliff.
The Spanish bank’s 2.5 bln euro rights issue better protects it against real estate losses, but is still a surprise for shareholders. Pain is also not being shared with equity-like CoCo holders. Dealing with the uncertainty would be easier if returns were more compelling.
Utility Enel looks likely to win the bidding for fibre-optic group Metroweb, beating Telecom Italia. What follows may have shades of the twins who fought over the building of Rome. If so, Enel should be daunted, TI worried and Italian broadband users overjoyed.
- Greek deal is rational, predictable, messy
- Wanted: CEO for Italy's could-be national champion
- IMF atonement offers natural justice for Greece
- Credit Suisse labours to spin misfortune into gold
- Euro zone rules need more carrot, less stick
- Europe treats Italy with pragmatic kid gloves
- UniCredit governance issues go beyond CEO's office