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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Two of the three directors proposed by the U.S. activist will join the Scottish firm’s board. Meanwhile Alliance CEO Katherine Garrett-Cox avoids a humiliating defeat and gets a year to fix performance. Both sides compromised - but Elliott, and outside investors, do better.
Teva is after Mylan, which wants Perrigo. Such multibillion-dollar hostile deals are usually catnip for M&A punters. Recent failures have made them skittish, though. And these two battles come with cross-border complexity, antitrust and a poison pill. No wonder arbs are wary.
The pharma group managed to beat expectations in Q1 despite wrestling with patent expiries. One-off disposals of $309 million helped boost operating profit to $1.8 billion. Raising funds makes sense at a time when Astra is challenged, but investors shouldn’t rely on them.
- Santander finds Uncle Sam-friendly way to expand
- Greek bargaining position stronger than it looks
- Teva's $40 bln hostile bid puts hope over reality
- Bond market shock wouldn't trigger new 2008
- Alliance Trust can do more to fend off Elliott
- Actelion's pay spat reflects tech myopia
- Europe’s credit boom locks in mediocre returns