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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The tycoon’s Cheung Kong Infrastructure unit wants to buy cash-rich affiliate Power Assets for $11.6 bln in stock. Investors have the motive and the means to push for better terms. But they need to believe the rewards of a sweetened offer outweigh the risks of Li walking away.
The landmark privatisation is Japan’s biggest listing in decades. Floating the postal operator, plus stakes in its banking and insurance arms, could raise $11.5 bln. But growth is low and follow-on share sales loom. Successful delivery requires low valuations and high dividends.
A Guangzhou baby-formula firm is gobbling up Swisse, one of Australia’s biggest vitamin makers. The $1 bln deal caps a stunning run for clean-living specialists Down Under. As miners can attest, shifts in Chinese demand can transform an industry’s fortunes for better – or worse.
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