Heineken overpays for BBAG 2 May 2003 The return on the E1.9bn it is paying for the Austrian brewer will be only 5% even after four years. Unless the Dutch brewer has some cost cuts up its sleeve, this is a bad deal for shareholders.
EdF could lose from reported move on Edison 2 May 2003 The reason why financier Zaleski could be increasing his stake to 15% of the Italian energy group is unclear. He may be exploiting Italy's takeover rules to get a virtual put option on the stake. And who would he put it to? EdF, the old sugardaddy.
Tyco reveals new accounting irregularities 1 May 2003 Based on the revelations, investors may have overestimated the US conglomerate's growth and profit potential. Tyco resembles a tired shark that must keep swimming if it isn't to die. It remains to be seen if it has a future.
Share buying sparks bid talk at Man Utd 1 May 2003 A group of wealthy entrepreneurs are suspected of plotting a takeover of the famous football club. There may be a bid one day but it probably won't come from them.
Vivendi’s vision is nuts 1 May 2003 JeanRene Fourtou says he wants to turn an overgeared mess into a mess with no debt. The target is as irrational as the starting point. This is less loony than it looks. It tells wouldbe bidders for Vivendi's US assets a lot about how Fourtou hopes to treat them.
After the stock market rally: time to sell? 1 May 2003 The old adage sell in May and go away has served investors very well over the past 75 years. On top of that, April s huge stock market rally suggests it is time to deploy the old saw again.
Cordiant clings on 1 May 2003 The UK communications group has avoided delisting by a hair's breadth, and lenders will keep it afloat while it reviews options. But its problems are still glaring. Is it an isolated casualty, or a case study in what's happening to media agencies?
Safeway battle could fizzle out 1 May 2003 The Big Three supermarkets argue that if they nab Safeway competition should actually improve. But their arguments shouldn t carry the day.
Fiat takes step back with new board 1 May 2003 Since Umberto Agnelli's arrival in March, the group has taken steps forward, notably raising E4bn in asset disposals. But by substantially reducing the weight of independent executives on Fiat's board, he does shareholders a disservice.
Boots picks Asda man as CEO 1 May 2003 This is a case of "know your enemy". The highstreet chemist chain is being hounded by the supermarkets. Richard Baker needs to find a way to either develop the group s business or protect it from decline. At least, he seems dynamic.