Covid-19 has turned the tables on hedge funds buzzing round the 4.6 billion euro takeover of Germany’s Osram. Normally in such cases they would use a legal loophole to squeeze out a premium. Ed Cropley explains why this time they are left nursing hefty…
It’s hard to assess the impact of the coronavirus on the economy, or on markets. But suppose the $6 trillion drop in the value of S&P 500 Index companies in 2020 equates to their lost sales. That could imply a nine-month top-line drought, as Richard Be…
Banks including UniCredit and ING will halt payouts, following pressure from European regulators. Scrapping dividends across the euro zone could support 300 bln euros of extra lending, says Liam Proud. Those who keep paying out, like UBS, will regret i…
The price of certain bond ETFs recently traded significantly lower than the value of their underlying assets – spooking jittery investors. But the newer ETFs are less the problem than the opaque bond market. Its old-fashioned structure needs a fix, say…
After weeks, perhaps months, of lockdown, layoffs and lower net worth, our views about what sort of leaders are needed won’t be the same as they are today. Rob Cox discusses the ramifications this will have across society, including the selection of th…
Xerox’s hostile $35 bln bid for HP has hit a roadblock. It’s hard to convince investors to back a risky, debt-fuelled and unfriendly takeover in a time of global fear and uncertainty. Still, deals that made sense before Covid-19 should still make sense…
Governments are spending freely to fight the economic damage caused by the coronavirus. Public debt will rise relative to gross domestic product, but that will matter less than in the past. Swaha Pattanaik explains why when it comes to debt-to-GDP rati…
Notions of national security will broaden as companies are expected to do their bit to keep stricken economies afloat. Expect that kind of thinking to take hold globally, with dismal implications for cross-border mergers, says Lauren Silva Laughlin.
Mark Zuckerberg’s social network is eyeing a 10% stake in Reliance Industries’ telecom operator. That could help tycoon Mukesh Ambani keep a promise to pay down debt. And the pair would make a strong partnership in India’s fast-evolving consumer tech m…
Congress is dragging its heels in approving a $2 trln virus bailout. The lesson of the financial crisis is that lawmakers should get the short-term essentials taken care of first, and worry about broader fixes later, says Antony Currie.