Private equity gives ageing North Sea oil new life 31 Jan 2017 Shell's $3.8 bln sale of North Sea fields to upstart Chrysaor gives a glimpse into the declining region's future. Lower prices make the remote province less appealing for energy majors but generous tax allowances offer private equity returns above 20 percent.
Philips’ heart failure is a buying opportunity 24 Jan 2017 The Dutch medical kit maker says the U.S. is probing its defibrillators. While the business pulls in just 1 pct of revenue, the setback follows problems in medical imaging and the sale of specialty LEDs. Still, if Philips can exit its lighting unit briskly the shares look cheap.
Heineken’s Dutch courage on Brazil looks merited 20 Jan 2017 The brewer may buy Kirin's Brazil unit for a mooted $872 million. The deal would give the company a 20 percent share of a difficult market, still well behind dominant AB InBev. The target is loss-making, but Heineken has reason to believe it can do a better job.
Heineken can go another round in pub brawl 15 Dec 2016 The Dutch brewer and its partner have topped up a cash offer for Punch Taverns to 403 mln pounds. Investors are thirsty for more, possibly from a rival suitor. Heineken could keep up a bit longer in a bidding war before the financial return left any strategic merits tipsy.
Politics hampers delivery of good postal bid 1 Dec 2016 Belgium's Bpost has made a final offer of 2.5 billion euros for Dutch rival PostNL. The deal is a play for the fast-growing parcel business. With the target's shares trading below the offer, Dutch government opposition may scupper delivery of a good deal for investors.
Shell and BP offer two sides to same coin 1 Nov 2016 The Anglo-Dutch major and its UK cousin reported earnings that beat expectations. Both have performed similarly as investments. With $30 billion of assets to sell in the wake of its acquisition of BG, Shell is a riskier but possibly more rewarding bet on the oil price.
Dutch food IPO has a German fly in the soup 27 Sep 2016 Meal delivery website Takeaway.com is seeking 350 million euros in an IPO. Revenue is growing rapidly, but so too are losses. Investor appetite for a sales valuation in line with profitable Just Eat rests on whether it can dominate the tough German market.
Unilever scrubs up venture capitalist credentials 20 Sep 2016 The $136 bln Dove soap maker is buying green products firm Seventh Generation, talking with Jessica Alba's company and acquired Dollar Shave. Assimilating fast-growing niche brands with entrepreneurial cultures isn't easy. Unilever's Ben & Jerry's experience gives it a leg up.
EU banks give notice that they’re not all hapless 3 Aug 2016 Dutch lender ING and French peers Societe Generale and Credit Agricole all increased second-quarter earnings. Stake sales in Visa Europe helped, and low interest rates hurt in French retail banking. But it’s a reminder that recent EU bank stress tests had a positive message too.
Heineken’s challenge is to keep glass half full 1 Aug 2016 The Dutch brewer's operating profit was strong, thanks to stellar Asian growth. But first-half revenue fell short of expectations. Headaches in Africa show that its reliance on emerging markets comes with a snakebite of currency, macroeconomic and geopolitical hazards.
Agnellis temper dodgy governance with good manners 28 Jul 2016 The Italian family is moving its holding company, Exor, to the Netherlands and attaching new shares that will reward long-term holders like themselves with 10 times newbies' voting power. Investors at least get a say - a chance to weigh the changes against a strong track record.
Shell takes disappointing knock post-BG 28 Jul 2016 The oil firm’s latest results are worse than lacklustre compared with rival Total. All divisions are hurting. Sagging oil prices and weak refining margins as well as a bunch of one-offs are blamed. Shell says it’s transitional, but this is hardly the best start to life with BG.
Unilever’s razor-club buy is a sharp move 20 Jul 2016 The consumer-goods giant may be paying $1 bln for Dollar Shave Club. At five times sales, that's a fair price if Unilever grows the business well. Owning a scrappy startup that has already blunted the market for pricey razors at rival Procter & Gamble's expense doubles the edge.
ASML could be cousin to ARM in next tech wave 20 Jul 2016 Like the UK chip-designer Japan's SoftBank has agreed to buy, ASML is a niche but dominant player. Its tools make chips smaller and punchier. ASML would be harder to take over than ARM, but if big data and the internet of things merit the hype, it's in a good position to cash in.
Going Dutch is the future for European brokerage 21 Jun 2016 Rabobank and Kepler Cheuvreux have agreed to let the Netherlands-based bank keep client relationships while using the French equity house’s research and sales. New European rules will make the cost of sellside analysis explicit and thus often uneconomic. Such tie-ups make sense.
ASML’s $3 bln deal is a big bet on tiny tech 16 Jun 2016 The semiconductor-equipment maker is buying Taiwan's Hermes Microvision. The target's sales have plunged and global chip demand is cooling. But ASML's biggest-ever deal should make it even more indispensable to manufacturers as they prepare to make next-generation chips.
Shell puts post-merger momentum to good use 7 Jun 2016 The Anglo-Dutch energy major has added $1 bln to its targeted synergies from merging with gas group BG. The oil price is out of its control and divestments will be tricky, but it’s making good progress on three other fronts: capex, costs and production.
European IPO market regains its senses 26 May 2016 Danish renewable energy utility DONG priced its initial public offering at up to $16 bln, suggesting a forward EBITDA multiple in line with stricken carbon-heavy peers. If it sounds dull, that’s the point. European IPOs are still a buyer’s market, but maybe now a rational one.
Aegon mixes short-term pain, long-term plain 12 May 2016 The Dutch insurer saw its capital position fall after changes to its hedging strategy led to a 50 pct year-on-year fall in earnings. New solvency rules mean capital ratios will move about more. That’s not great when markets are volatile too.
Altice’s wily Cablevision math adds up to trouble 10 May 2016 Patrick Drahi’s telecom group told investors it can cut $900 mln in costs to justify the $18 bln U.S. cable acquisition. To appease New York officials worried about service, Altice is using a shorter timeframe to tout a $450 mln sum. Both constituencies will end up disappointed.