Quentin Webb is an Associate Editor at Reuters Breakingviews. He covers mergers and acquisitions, corporate finance and private equity in Asia. He joined the Hong Kong bureau in May 2015 after four years in London. Before becoming a columnist, he was a news reporter for Reuters, where his last role was as European M&A correspondent. He has also worked as a correspondent in Brussels and as a credit-markets reporter. Follow Quentin on Twitter @qtwebb
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Qihoo 360 may become the largest Chinese company to flee foreign markets. But first the antivirus group’s bosses need at least $6 bln to buy out other shareholders. Banks might lend half - or more, if mainland lenders feel generous. Finding billions in new equity may be harder.
Concerns over debt and accounting have hammered shares in Asia’s largest budget carrier. It says a rights issue isn’t needed and can recoup cash from overseas offshoots. But this requires investors to put fresh capital into the loss-making affiliates. That won’t be an easy sell.
The debt-laden Indian miner wants full control of its cash-rich oil subsidiary. The fate of the $2.3 bln all-share bid hangs on Cairn’s two big outside investors. If they object, Vedanta could afford to lift the skinny 7.3 pct premium by paying more in preference shares.
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