Romanian telco upstart will be M&A party pooper 30 Nov 2023 Originally a mobile provider for Bucharest expats, Digi Communications is expanding across Europe. It is taking market share thanks to a low-cost model and as regulators force merging rivals to shed assets. A wave of consolidation in Spain and elsewhere may yield some surprises.
Europe’s listless IPOs are red flag for big floats 31 Jul 2023 The region’s string of mostly mid-sized initial public offerings this year are now just 3% above their listing price on average. Such poor performance will make investors wary of backing new ones. That will give larger float candidates, like CVC and Galderma, pause for thought.
Hydropower IPO tests appetite for weather risks 28 Jun 2023 Hidroelectrica’s market sale in Bucharest could value the renewable energy supplier at 10 bln euros, Europe’s largest IPO so far this year. High margins, low debt and fat dividends make the offer palatable. But as droughts intensify, water scarcity may prove a headache.
On the Ukraine refugee crisis, watch Canada 22 Mar 2022 The country that claims the second-largest Ukrainian diaspora has already done more than its southern neighbor to help those fleeing war. Unlike trade, immigration is one area where Ottawa has clout. Canada could prove an example to countries far removed from the crisis.
Vodafone’s $22 bln deal is worth financial strain 9 May 2018 The UK mobile group is buying Liberty Global’s German and eastern European assets. Boss Vittorio Colao is funding the deal with debt and funky convertible bonds. He can point to juicy cost savings to quell any concerns about Vodafone’s creaky balance sheet.
Romania can salvage positives from graft mess 6 Feb 2017 An attempted softening of laws against corruption sparked mass protests, a ministerial resignation and an eventual U-turn. Despite this, Romania has made progress on fighting graft. It now needs to put more effort into judicial protection – and ensure cases have credibility.
Erste’s eastern problems are partly self-inflicted 4 Jul 2014 The Austrian bank’s shares sank 14 pct after nasty surprises in Romania and Hungary led it to predict a 1.5 bln euro loss this year. The charges should be one-offs, and Erste doesn’t need capital. But the bank has to be more cautious about business in its riskier outposts.
Letter to the Editor: IMF and Romania 10 Feb 2012 The International Monetary Fund takes issue with a Breakingviews article on its lending to Romania, arguing the fund helped the country return to growth and remains transparent and flexible in response to changing circumstances.
Harsh IMF approach courts disaster in Romania 8 Feb 2012 While the fund goes softly-softly in western Europe, it has imposed draconian conditions on Bucharest. Now the prime minister has resigned and anti-reform forces have been emboldened. Excessive IMF rigour threatens to harm the country’s economy and destabilize a weak democracy.