Bayer can pay more for cancer blockbuster partner 26 Nov 2013 The German drugmaker has made a preliminary 1.8 bln euro bid for Norwegian partner Algeta. The target’s shares immediately priced in a higher offer. That looks right. A counterbidder is unlikely. But Algeta’s cancer drug has huge potential and Bayer can afford to pay more.
Norway could make more of its huge oil fortune 8 Aug 2013 The Nordic state has the world’s largest sovereign wealth fund and one of the simplest investment strategies. Ahead of a general election, reforms are being mooted. It should review its largely passive approach, and take fewer bets on a wider variety of asset classes.
Norway triumphs over tycoon in strange M&A saga 21 Jun 2013 Shipping mogul John Fredriksen wanted to combine his seafood group, Marine Harvest, with smaller rival Cermaq. But Norway thwarted the $1.7 bln hostile bid. Consolidating key national industries is always tricky. Doubly so if you’re up against one of the world’s richest states.
Oil price collusion would be a Libor-scale scandal 14 May 2013 EU authorities are probing whether traders in oil majors conspired to rig published energy prices. Oil benchmarks are supposedly harder to manipulate than bank rates, so this could be a big deal. Even if no collusion is found, it makes a review of arcane price-setting mechanisms more urgent.
E.ON will struggle to attract a new linchpin 8 May 2013 After years of a declining share price, the German utility’s second largest shareholder has had enough. Statkraft, a Norwegian peer, sold its 4.2 percent stake in E.ON, realising a huge loss. Its willingness to take such pain highlights the bleak prospects for European utilities.
Salmon mega-deal is hard to swallow at this price 2 May 2013 M&A is reshaping the seafood industry. Fresh from another deal, the world’s largest fish farmer wants to gobble up a second smaller rival. At $1.7 billion, however, Marine Harvest’s hostile bid for Cermaq looks low. The Norwegian predator may need to offer more.
Sovereign funds still hungry for Western banks 19 Jul 2012 Bad early-crisis bets haven’t put rich states off backing global lenders. Qatar and Norway have upped their exposure to Credit Suisse, while Singapore’s Temasek has joined the throng. The enthusiasm reflects a lack of attractive alternatives, as much as hopes for a recovery.
Norway strike challenges crude complacency 9 Jul 2012 Usually the Nordic country barely figures on the list of risks to crude supplies. But striking workers and a threatened production shutdown have contributed to Brent’s march back towards $100 a barrel. It’s a reminder of oil’s ability to surprise, even when demand is weak.
Couche-Tard’s Scandinavian deal looks smart 18 Apr 2012 Though a 53 pct premium for Statoil Fuel and Retail is chunky, the Canadian convenience store chain has shown discipline in the past. It walked from a U.S. deal to avoid a bidding war. Couche-Tard’s new friendly purchase looks promising if it can manage things an ocean away.
Brazil’s oil plutocracy flexes its muscles 30 Jan 2012 A foreign offshore driller has put off its IPO to appease corporate concerns of state-owned giant Petrobras. Meantime, the country’s richest man, Eike Batista, is set to extract his first barrel after navigating the bureaucracy in record time. Brazil’s oil winners keep winning.
No easy fix for Telenor’s India joint-venture spat 17 Oct 2011 Uninor, a joint venture between Telenor and Unitech, needs cash. Telenor wants to raise $1.8 billion of equity but its partner has resisted, instead taking the case to court. Whether Unitech wins or not, it’s hard to see how Uninor can avoid having to bring down its heavy debts.