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
- Tel: +44 (0)20 7542 9405
- E-mail: firstname.lastname@example.org
A debt boom has allowed TMT dealmakers like John Malone, Masayoshi Son and Patrick Drahi to finance their ever-bigger dreams. Now French billionaire Xavier Niel has made an unexpected $15 bln bid for 57 pct of Deutsche Telekom’s T-Mobile US unit. He risks over-reaching.
Klepierre is buying Corio, a weaker Dutch rival, for 7.2 bln euros including debt. That’s a reasonable price and will turn the French group into Europe’s biggest dedicated mall owner. With retail giants and e-commerce making life harder for shopping centres, scale matters.
The UK satellite group is paying its 39 pct shareholder Fox 4.9 bln stg for sister Sky outfits in Germany and Italy. The businesses are close already and the price looks reasonable. Sky Europe promises scale, growth, and cost savings. But leverage will soar and cash returns shrivel.
- Murdoch calls on European outposts for Time Warner
- Club Med organisers can welcome latest arrival
- Publicis advertises its standalone weakness
- Liberty Global may eventually bid for all of ITV
- Lottery firm buys pricey $5 bln ticket out of Italy
- Life’s like a box of chocolates for Lindt owners
- Babywear bid target must prove it can stand alone