Thermo Fisher diagnoses rare $10 bln land grab 14 Nov 2019 It’s circling Qiagen, a month after the diagnostics firm changed strategy and ditched its long-time leader. The would-be acquirer may spy an opportunity to snap up its rival while its defenses are weakened. The risk is that outweighs the pursuit of good returns.
Shell’s high-wire balancing act is getting harder 31 Oct 2019 The Anglo-Dutch oil major beat third-quarter expectations but warned it may slow a $25 bln share buyback. Shell needs the economy and oil prices to hold up to control its debt, pay investors their world-beating dividend and replenish reserves. The latter may have to give too.
Naspers spinoff wades into UK food delivery fight 22 Oct 2019 Newly listed Prosus slapped down a 4.9 bln pound order for Just Eat, beating rival Takeaway.com’s all-share bid. Though the UK delivery group rejected the offer, its $120 bln suitor has deep pockets. Rivals like Uber Eats and Deliveroo have a new competitor to worry about.
Big steel can reform its way to a longer life 30 Sep 2019 Rio Tinto will work with China's top producer to make steel greener. From Shell to BHP, resources firms are starting to tackle emissions churned out by oil, coal and the like, after they are sold. Such climate-friendly moves may also keep costs manageable, and an industry going.
ABN Amro investors dread U.S.-style mega-fine 26 Sep 2019 Shares in the state-controlled Dutch bank fell 9% after it confirmed prosecutors had launched a money-laundering probe. The loss of 1.5 bln euros of market value implies a larger penalty than rival ING paid. That would only be justified if American authorities get involved.
Naspers’ Tencent spinoff demands more of the same 11 Sep 2019 The South African media group’s e-commerce assets - newly listed in Amsterdam as Prosus - wiped out a long-term discount to the biggest holding, a $130 bln stake in the Chinese web giant. But a big value shortfall persists for Naspers itself. Offloading more of Prosus might help.
Just Eat M&A bump may have a long delivery time 3 Sep 2019 A top investor in the UK food-delivery group says it will vote against Dutch peer Takeaway.com’s all-share bid, now worth 5.1 bln pounds. A higher price could be needed to seal the deal. But with no rival bidder in sight, Takeaway CEO Jitse Groen can wait until the last minute.
Dutch insurer revisits ghosts of low yields past 15 Aug 2019 Despite hiking its dividend, Aegon’s shares dived after a sharp drop in solvency. That revives bad memories of the insurer’s volatile capital a few years back. Incoming CEO Lard Friese’s first job is to show investors he’s better at managing the group as low rates bite once more.
EU banks will struggle to exit value graveyard 7 Aug 2019 UniCredit, Commerzbank and ABN Amro all reported falls in first half pre-tax profit. Low interest rates threaten to crush revenue faster than CEOs can cut costs. Though euro zone bank shares have underperformed the wider benchmark by 15% this year, lowly valuations are justified.
EssilorLuxottica M&A invites sharp antitrust lens 31 Jul 2019 The $58 billion eyewear giant’s merger was waived through last year by regulators. But its purchase of Dutch optical retailer GrandVision risks curbing competition. It could promise to permit opticians to offer rivals’ products or sell some shops to a peer to help allay concerns.
Just Eat satisfies hunger for takeaway Dutch CEO 29 Jul 2019 The leaderless UK food delivery group is selling to rival Takeaway.com in a 5 billion pound all-share deal. Just Eat gains a new boss and ally in the battle against Uber and Deliveroo. The Dutch company, meanwhile, uses its highly-valued equity to join the UK food fight.
Heineken outlook only stacks up after a few pints 29 Jul 2019 The $62 bln brewer saw first-half operating profit rise only 0.3% year-on-year, but still assumes mid-single digit growth in 2019. Higher prices used to offset changing drinking trends. They will need to once again for CEO Jean-François van Boxmeer to avoid a new year hangover.
Del Vecchio’s grand M&A vision needs clearer focus 26 Jul 2019 Having merged his Luxottica frames empire with lens maker Essilor, Leonardo Del Vecchio is offering 7 bln euro for retailer GrandVision. A deal will double his share of Europe’s eyewear market. But it brings few savings and adds extra complexity to a group with messy governance.
Philips will grow into its healthier valuation 22 Jul 2019 The 37 bln euro medical-technology group has erased its valuation discount to Siemens Healthineers. That is justified by strong orders unveiled in second-quarter results. CEO Frans van Houten’s company offers the same growth story as its German rival, but with fewer distractions.
Unilever ethical boast carries M&A prod 11 Jun 2019 The $178 bln consumer goods giant says brands with an environmental or social purpose are driving 75% of its growth. It adds a little weight to the idea that consumers reward virtue. For CEO Alan Jope, the lesson is that many of Unilever’s products are sluggish, and need pruning.
Anbang’s Dutch cast-off hopes for third time lucky 10 Jun 2019 Apollo-backed Athora is paying the defunct Chinese group 2.5 bln euros for insurer Vivat, its third owner in five years. The sale spares the blushes of the Dutch regulator for approving the previous sale. The new Bermuda-based owner is not risk-free but looks relatively safer.
Air France-KLM descent is double Dutch blow 3 May 2019 The airline’s Dutch arm swung to a first-quarter operating loss, weeks after the Netherlands government bought a 14 pct stake. KLM is still faring better than its French partner. But the wobble undermines demands for special treatment and leaves its political backers red-faced.
Unilever could use a few Nestlé diet tips 18 Apr 2019 Decent first-quarter revenue growth at both consumer giants means their 2020 margin goals can live another day. But Unilever’s foods business expanded just 1.5 percent organically compared to 3.4 percent overall at Nestlé. The Anglo-Dutch group needs to overhaul its pantry.
Europe soccer investors just as irrational as fans 17 Apr 2019 Juventus lost 270 mln euros of market value after the Italian club’s surprise exit from the UEFA Champions League. Victorious Dutch rival Ajax gained just a tenth of that amount. Television revenue alone does not explain the swing. Shareholders, like supporters, are overreacting.
German banking tie-up brings out balloon-floaters 17 Apr 2019 ING may have taken a sniff at Commerzbank, in talks to merge with Deutsche. Shareholders won’t relish a healthy Dutch bank chaining itself to an ailing German one. But it’s a chance for Commerz to appear in demand, and for ING to troll local politicians about rigid bank rules.