Liam Proud joined Breakingviews in 2016. He previously worked as digital content editor at the Natural History Museum, and as deputy business features editor at the London newspaper City A.M. Liam graduated from the University of Exeter in 2013 with a degree in philosophy.
Investors sank landlord Vonovia’s $21 bln Deutsche Wohnen offer, even though they wanted it to succeed. Too many sat on the shares, hoping for a fatter payout courtesy of Berlin’s odd takeover rules. While the deal may be salvageable, it’s a clear sign of the need for reform.
BNP, SocGen, Santander and others process billions of card transactions but the potentially valuable units get no credit within stodgy banks. CEOs may resist spinoffs for fear of missing future growth. Yet sitting on a subscale business means losing ground to digital upstarts.
The $46 bln buyout group’s shares rose 11% after first-half earnings soared. CEO Christian Sinding is selling companies in frothy markets while return-hungry investors pile into his funds. Higher interest rates would undermine both trends, as well as EQT’s richly priced equity.