Edition:
United Kingdom

Liam Proud

Breakingviews - Vision Fund may be Hotel California for investors

19 Jun 2019

LONDON (Reuters Breakingviews) - Saudi Arabia and Abu Dhabi are involved in a high-stakes game of double or quits. The kingdom and its Gulf ally’s wealth funds jointly put up $60 billion of the near-$100 billion pledged to SoftBank Group’s giant Vision Fund. Now they have to decide whether to participate in the sequel planned by Masayoshi Son, the Japanese group’s founder. Walking away could undermine confidence in the vehicle’s current batch of startups.

Breakingviews - Fiat’s Renault offer was fairer than it looked

13 Jun 2019

LONDON (Reuters Breakingviews) - You don’t always know what you have until it’s gone. Renault investors who called Fiat Chrysler Automobiles’ 15.3 billion euro merger offer stingy will recognise this sentiment.

Breakingviews - Renault-Nissan clash exposes flaws in Fiat deal

10 Jun 2019

LONDON/HONG KONG (Reuters Breakingviews) - Squint hard, and it’s possible to interpret the latest headlines involving Renault and Fiat Chrysler Automobiles as progress towards reviving the carmakers’ 33 billion euro merger. Step back, however, and negotiations involving the French group’s state shareholder and Japanese ally Nissan Motor expose the dysfunctional governance which would hobble a broader partnership.

Breakingviews - Fiat-Renault deadlock is opportunity for Peugeot

06 Jun 2019

LONDON (Reuters Breakingviews) - Peugeot Chief Executive Carlos Tavares may be the biggest winner from the collapsed merger talks between rivals Fiat Chrysler Automobiles and Renault. An alternative deal between the Italian-American carmaker and Tavares’ 19 billion euro group would have a few features to recommend it over the stalled Renault combination.

Breakingviews - Fiat-Renault M&A collapse creates losers all round

06 Jun 2019

LONDON (Reuters Breakingviews) - The 33 billion euro merger between Fiat Chrysler Automobiles and Renault has hit the skids little more than a week after its inception. Despite public support from key stakeholders, the companies now risk losing out on synergies worth 5 billion euros a year, while the French state has sabotaged its pro-business credibility.

Breakingviews - Viewsroom: A new game of carmaker matchmaker

30 May 2019

LONDON (Reuters Breakingviews) - Fiat Chrysler spurned Peugeot by offering to merge with France’s Renault, which is itself joined to Nissan. How will the pairings play out, and what does it mean for the automotive sector? Plus: Why fossil-fuel giants like BP are painting themselves a pale shade of green.

Breakingviews - Fiat-Renault deal leaves Peugeot in the M&A dust

28 May 2019

LONDON (Reuters Breakingviews) - Picture Carlos Tavares alone on a dance floor watching Fiat Chrysler Automobiles embrace his love rival Renault. The lonesome Peugeot chief executive has a few fallback options, but those pairings lack the chemistry that existed between Tavares and his Italian-American suitor.

Breakingviews - Amazon-Uber food fight means empty bellies for all

17 May 2019

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.

Breakingviews - German $6 bln flop shows private equity’s dilemma

14 May 2019

LONDON (Reuters Breakingviews) - Hellman & Friedman and Blackstone Group’s failed German bid offers a case study in private equity’s biggest dilemma. Growth assets like Scout24, an online-listings company the pair wanted to buy, have offered some of the best returns in recent years. But frothy markets mean buyout groups risk overpaying to clinch them.

Breakingviews - Mergermarket’s fourth owner faces the toughest job

13 May 2019

LONDON (Reuters Breakingviews) - Mergermarket helps bankers and lawyers win business by keeping them abreast of the latest M&A developments. The financial news service has itself been a prodigious source of advisory fees in its short life. Ion Group, its fourth owner in 13 years, faces arguably the toughest job yet.

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