CAA leaves itself wiggle room on BAA 1 Mar 2006 The UK airport regulator seems to be relaxed about a highly geared bid. It s only concern is that infrastructure investment isn t affected. But Ferrovial isn t in the clear. The CAA has made contradictory remarks suggesting it may take a less liberal approach.
Italians whipped up in anti-French frenzy 1 Mar 2006 One can understand the indignation at French protectionism. But an eyeforaneye is a recipe for everybody going blind. Two ideas blocking BNPP's bid for BNL and allowing companies to use any country's laws to frustrate hostile bids look quite batty.
Enel-Eni merger would be cock-eyed 1 Mar 2006 In the wake of France s merger of Suez and GdF, Italian politicians are toying with harebrained schemes to defend their national champions. The government has given the EnelEni idea short shrift. But, in the midst of an election, there is a risk of populism gaining traction.
Mines are becoming more valuable 1 Mar 2006 Copper, coal and iron ore are in hot demand and short supply. With money easy, high prices and high profits could last through 2007. And the next downcycle should be brief. That could make Mittal, which owns its own iron ore, a more attractive suitor for Arcelor.
M&A bankers catch league-table fever 1 Mar 2006 Look at how many advisers are working on the year s two hottest deals five on Mittal's bid for Arcelor, and seven defending Endesa. "Role inflation" may not seem as harmful as an equity banker overbidding for a block trade and losing a packet. But it costs all the same.
Utility consolidation catches RWE on the hop 1 Mar 2006 The German energy utility has been caught out by the sudden deal explosion. It's still cleaning itself up after its last burst of expansion. Sitting out a consolidation wave may dent RWE's pride. It wants to be among Europe's top players. But it may be a blessing for shareholders.
GLG’s market abuse fines are deceptively lenient 1 Mar 2006 The UK regulator has fined the hedge fund and its star trader Philippe Jabre £750,000 each after bringing a successful market abuse case. That sounds modest. But the fines are higher than previous punishments for market abuse. And this is still a symbolic victory for the FSA.