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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Analysts expected little from the mobile giant’s results. They got it. EBITDA is under pressure, an annual dividend increase is gone, and Southern Europe is hurting badly. The main driver of the share price remains hopes of action at U.S. joint venture Verizon Wireless.
Simon Borrows has had a cracking first year as 3i CEO, producing a 111 pct total return for shareholders by refocusing, cost-cutting and selling assets well. The group still needs to show it can find sound new deals. And eventually 3i must try to raise another buyout fund.
The gaming group’s shares are still up smartly, even though buyout talks failed. That partly reflects growing belief in Betfair’s turnaround. But any lingering bid speculation is almost certainly misplaced. Private equity is typically loath to bypass management and go hostile.
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