Neil Unmack is a Reuters Breakingviews Associate Editor based in London. He covers credit markets, hedge funds, and Italy. Previously he was a corporate finance reporter at Bloomberg News in London. He started his career as a financial journalist in 2001 at Euromoney Institutional Investor, where he covered structured finance for EuroWeek magazine. He was educated at Eton College and Oxford University, graduating with a first class degree in modern languages.Follow @unmack1
After years of struggling to hang onto assets, Abrdn is buying consumer platform Interactive Investor for 1.5 bln pounds. It brings growth and a chance to steal share in personal savings. The challenge is ensuring its expensive new bauble shines inside a stodgy asset manager.
Telecom Italia’s bonds fell on fears that the securities may not be redeemed if KKR’s $37 bln buyout succeeds. The M&A boom has made unexpected targets of large public companies. Even when investors enjoy stronger protections, as with UK rival BT, these offer limited solace.
That’s how much the Swedish telecom kit maker is paying for web-based communications firm Vonage. With few cost savings on offer CEO Börje Ekholm will take years to generate a decent return. Moving into a fast-growing but ultra-competitive sector highlights his need to diversify.