Tui to float Hapag-Lloyd shipping business 21 Jan 2004 Selling at the top of the shipping cycle is a smart move. The deal should free up the travel company's balance sheet for acquisitions. But consolidation may not be the panacea the German group's investors may be hoping for.
Second bite of the cherry for TBI 4 Dec 2003 The airports group got egg on its face when it let a bid from Vinci slip out of its grasp in September 2001. Now Hochtief has come knocking. Investors can only hope that the architect of its last defence, Keith Brooks, doesn't muck things up this time.
Network Rail ordered to economise 17 Oct 2003 The UK rail regulator has rightly refused to let the profligate operator increase its spending as much as it wanted. The snag is that there is nothing to stop Network Rail from blowing whatever budget it is set.
Colaninno back in the saddle 25 Sep 2003 A modest E100m or 31% of the equity buys the exTelecom Italia boss control of Piaggio, and a geared take on any upside he can deliver. But Colaninno has also managed to get himself some downside protection. The lower the valuation of the company, the bigger slice he takes.
Eurotunnel faces restructuring fears 8 Aug 2003 Despite fears about its balance sheet, the crossChannel rail operation is protected from its debts until 2006. Equity investors are hoping that the fundamentals of the business can radically improve before that deadline. That is a gamble.
Alstom plays down bid approach 1 Apr 2003 It is hard to see why anyone would choose to inherit the French group's liabilities. Investors buying the shares on bid speculation may be taken for April fools.
Benettons struggle to finance Autostrade bid 7 Jan 2003 The deal was only saved at the last minute after Goldman put up E2.8bn of the E10.3bn loan. It has extracted its price. The facility is shorter than the Benettons wanted. Mediobanca, the Benettons main adviser, is left with egg on its face.
Stagecoach MBO could make sense – for Souter 4 Dec 2002 But finding a backer for the deal would not be easy. For the Scottish transport boss, taking the company private could have its merits.
Autostrade needs independent advice 7 Nov 2002 The Benettons, who are bidding for the motorway group, already control the board. The tiny bind of independent directors must appoint a vigorously independent adviser. Naming Merrill wouldn't be smart.
Play Motorway – an Italian game of high finance 5 Nov 2002 Imagine you are the Benettons trying to gain control of a vast empire with as little capital as possible. breakingviews has developed an interactive game that allows you to mimic their actions.
Benetton family plans crafty bid for Autostrade 4 Nov 2002 The offer is structured to allow the bidder to get control for the minimum cost. That is good for the Benettons, of course, but less so for minorities.
Benettons planning Autostrade bid 1 Nov 2002 One can see why the Benetton family wants to take control of the motorway group. It is spewing out cash. But does the family plan a full takeover or just a partial one? Minority shareholders wouldn't like the latter.
Souter’s Stagecoach empire doesn’t work 23 Oct 2002 Almost all of his acquisitions abroad have lost money. If only the company had stuck with British buses.