Quentin Webb is a Reuters Breakingviews columnist, covering mergers and acquisitions, corporate finance and private equity. He is based in London. Before becoming a columnist, he was a news reporter for Reuters, where he was most recently European M&A correspondent. He has also worked as a correspondent in Brussels and as a credit-markets reporter. He joined Reuters in 2003 from Legalease, a legal publisher. He has a first-class degree in psychology from University College London. Follow Quentin on Twitter @qtwebb
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Having lost the fight for mobile group SFR, French conglomerate Bouygues could be better off selling its own telecoms unit to rival Iliad. But Iliad has little reason to pay the mooted 8 bln euro price tag, and time is on its side.
The planned $50 bln merger of the French and Swiss cement groups has added a combined $5 billion to their market capitalisations. Credible synergies could be worth much more. But uncertainty over completion and the risk of value-destructive forced disposals justify scepticism.
London’s third sizeable e-commerce debut in weeks values the online takeaway firm at 1.5 bln stg. That’s an unpalatable 15 times 2013 sales. This business is harder than it looks and Just Eat has built a strong position. But investors’ hunger for growth has led them to over-order.
- Weir may struggle to extract a merger from Metso
- GrubHub IPO includes needless flavor enhancers
- Pricey Nets LBO gives banks big payment to process
- Bouygues’s latest SFR offer may still fall short
- Next flaunts rewards of getting online right
- Lego clan beats Goldman in $1.5 bln ISS float
- London IPO market absolves private equity