George Hay is an associate editor in Breakingviews’ London office, covering commodities, the Middle East and general financial policy issues. Prior to that he was Breakingviews’ European Financial Editor, and also worked as a correspondent for AFX News and United Business Media. He has an undergraduate degree from Edinburgh University, a Graduate Diploma in Economics from Birkbeck, University of London, and his work has been recognised at the UK’s Business Journalist of the Year Awards.
The activist investor doesn’t want its 1.3% stake in Swiss utility Alpiq to be squeezed out in a delisting. The offer does look undervalued. But as with its other European energy interventions, Knight Vinke’s worthy crusade for shareholder justice faces stiff headwinds.
The Rusal holding company escaped punitive Washington sanctions in the first half. But Donald Trump’s trade war pummelled aluminium prices, leading to a sharp drop in EBITDA. Investors face a long wait to get anywhere near their 2017 IPO price.
Givenchy, Swarovski and Versace have made grovelling apologies to Beijing for incorrectly implying Hong Kong is a country. The humility comes easily now. Abasement would become more painful, and costly, if China turns up the heat on the special administrative region’s protests.