LONDON (Reuters Breakingviews) - Good food is worth waiting for, as Just Eat shareholders may find out. A top-10 investor in the UK food-delivery group will vote against peer Takeaway.com’s offer, which was agreed by both boards in August and is now worth about 5.1 billion pounds. The hungry Dutch bidder’s Chief Executive Jitse Groen may need to up his price - but not for a month or so.
LONDON (Reuters Breakingviews) - Marco Polo brought the idea of paper money to Venice when he returned from China towards the end of the 13th century. Now, it’s Chinese tourists that are bringing money into all of Italy. The number of visitors from the Middle Kingdom rose 31% between May and August compared with a year before, according to information from travel data analysts ForwardKeys. That was the fastest growth of any country out of Asia. The sudden popularity has less to do with a rash of interest in Renaissance painting and more to do with politics.
LONDON (Reuters Breakingviews) - Western luxury is binge-eating humble pie. In the last few days, storied brands - including Swarovski, Versace and Givenchy - have submitted grovelling apologies for offending Chinese sensibilities. With Hong Kong protests against the mainland getting worse, it’s the thin end of a potentially very awkward wedge.
LONDON (Reuters Breakingviews) - Takeaway.com’s Just Eat offer looks undercooked. The 4.7 billion euro Dutch food-delivery group, led by founder Jitse Groen, has struck an all-share deal to buy its British peer with its highly valued stock. He may nonetheless have to come up with a more enticing platter to tempt Just Eat shareholders.
NEW YORK/LONDON (Reuters Breakingviews) - Beyond Meat is on fire. The meatless-burger maker reported first-quarter numbers only a hair better than it already estimated yet the stock, which had already quadrupled since its initial public offering a month ago, surged more than 15% in after-hours trading on Thursday, bringing its valuation to a whopping $6.8 billion.
LONDON (Reuters Breakingviews) - The jury is out on whether there is any money to be made ferrying hot meals to time-poor urbanites. Amazon’s investment in loss-making Deliveroo, which operates in 500 European and Asian cities, defers the answer. It also means investors’ bellies will remain empty for the foreseeable future.
HONG KONG (Reuters Breakingviews) - Uber Technologies has recipes to avoid food delivery indigestion. The U.S. ride-hailing giant hopes a $795 billion global takeout market can offset slowing growth in its core business. Established rivals like Europe’s Takeaway.com suggest there are ingredients to aid success.
LONDON, SAN FRANCISCO (Reuters Breakingviews) - Uber Technologies’ $3.1 billion acquisition of Middle East rival Careem Networks should give its IPO a boost. It shows the group which is burning cash is still willing to spend to grow. And, by reducing competition in the fast-growing region, it gives potential investors one less thing to worry about.
LONDON (Reuters Breakingviews) - Europe risks sacrificing its antitrust principles at the altar of global competitiveness. That’s a dangerous precedent, particularly since would-be partners Siemens and Alstom are hardly desperate for a deal.
LONDON (Reuters Breakingviews) - Cracks are showing in the $97 billion Vision Fund. That undermines the idea of SoftBank boss Masayoshi Son as a tech sage, and makes life harder for his dealmakers.