Vivendi clinches goodish deal with NBC 2 Sep 2003 Vivendi is also hinting it may break itself up. That would probably be more good news for shareholders. The French conglomerate has secured a cash and shares deal worth about $14bn$15bn not as much as it initially hoped but not bad either.
Iraq’s costs push US to widen coalition 2 Sep 2003 The US administration cannot support the mounting costs of the occupation and reconstruction of Iraq. But burdensharing also requires powersharing. Multilateralism may yet have its day.
Investors desert balanced management strategies 2 Sep 2003 Holding pension fund assets in a big mixed portfolios benchmarked against each other was a recipe for herding. It's good news that pension fund trustees are discarding the products. But if they are all taking the same advice, the same problem arises. Holding pension fund assets in big mixed portfolios benchmarked against each other was a recipe for herding.
France Telecom offers 21% premium for Orange 1 Sep 2003 The buyout makes sense for FT. The premium offered to the minorities is defensible rather than generous. FT has used Orange shareholders. But it hasn't abused them.
Pechiney rejects improved Alcan offer 1 Sep 2003 But it is no longer a cheap price. Pechiney may be able to squeeze a bit more out of the Canadians, but it will have to be clever and lucky. The French aluminium group may be right that the improved price still doesn't reflect its "true strategic value".
Ahold mulls rights instead of break-up – reports 1 Sep 2003 The Dutch group has to raise money one way or another to shore up its balance sheet. A cash call might actually be a better option for investors. It is certainly worth considering.
Film and TV set to be next victims of piracy 1 Sep 2003 Since 2000, the global music industry has shrunk 13% because it cannot protect its copyright against internet piracy. The TV and film industry is next in line for the online filesharing treatment. Could that put its growth into reverse, too?
New Look founder seeks to take it private 1 Sep 2003 Tom Singh has joined the long line of retail bidders this year. But the UK fashion chain whose shares have performed well in the last two years isn t the typical buyout candidate.
Orange should have employed boutique advisor 1 Sep 2003 Minority buyouts are sensitive situations. Financial advisors must be not only independent but also visibly free from conflicts. Deutsche Bank's advisory role looks questionable. One of Orange's nonexecs happens to work for the German bank.