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☆ Finnair is one daunting rights issue that can fly
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

A Finnair Airbus A320-200 aircraft prepares to take off from Manchester Airport in Manchester, Britain September 4, 2018. REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Oct 6 (Reuters Breakingviews) - Rights issues worth almost the value of a company’s equity rarely get off the ground. Tell that to 700 million euro Finnair (FIA1S.HE), which on Friday unveiled a 600 million euro rights issue. For one thing, the Finnish state owns over half of the Nordic airline and is supporting the rights issue. The government is offsetting the cost of the cash call by being partly refunded a 400 million euro capital loan it granted to the airline in the wake of the pandemic.

Persons: Phil Noble, Aimee Donnellan, Tesla, Sandoz, George Hay, Oliver Taslic Organizations: Airbus, Manchester Airport, REUTERS, Reuters, Nordic, SAS, X, Alstom, Brookfield, Thomson Locations: Manchester, Britain

☆ Big Four scandals will derail breakup plans: podcast
▼ + stars: | 2023-10-05 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Oct 5 (Reuters Breakingviews) - EY and PwC are dealing with issues in their tax and consulting units. In this Viewsroom podcast, Breakingviews columnists explain how falling valuations of rivals like Accenture as well as questions about the stability of consulting fees will mean these firms may stick together. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Oliver Taslic Organizations: Reuters, Accenture, Thomson

☆ Alstom cash crunch dents management credibility
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes Acquire Licensing RightsLONDON, Oct 5 (Reuters Breakingviews) - Alstom (ALSO.PA) CEO Henri Poupart-Lafarge faces an uphill struggle to shore up his credibility. The French train maker lost 35% of its market value – amounting to 3 billion euros - on Thursday after announcing that it would book negative free cash flow of 500 to 750 million euros this year. Finally, weaker than expected orders in the first half of the year generated less cash in the form of down payments. Given the potential for the group’s net debt to be 3 billion euros by year-end, 1 billion euros more than expected, Deutsche Bank analysts reckon it may soon need a capital increase. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gonzalo Fuentes, Henri Poupart, Pierre Briancon, Aimee Donnellan, Streisand Neto Organizations: Alstom, REUTERS, Reuters, London Underground, Deutsche Bank, X, Sandoz, Brookfield, Temasek, Thomson Locations: Saint, Ouen, Paris, France

☆ Sandoz owners are banking on margin cure
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 4 (Reuters Breakingviews) - Sandoz’s (SDZ.S) investors are giving CEO Richard Saynor the benefit of the doubt. Shares in the generics drug maker, which $217 billion pharma giant Novartis (NOVN.S) has finally managed to spin off, started to trade in Zurich on Wednesday. There was a risk that Novartis investors, who have long called for a sale or spinoff, would quickly dump the new Sandoz shares. At current market prices, Sandoz is worth nearly $11 billion, or $14.4 billion once net debt is added in. For now, Novartis investors seem to believe Sandoz’s treatment may be effective.

Persons: Richard Saynor, Sandoz, Aimee Donnellan, Lisa Jucca, Streisand Neto Organizations: Reuters, Novartis, Sandoz, Hikma Pharmaceuticals, X, Brookfield pounces, Temasek, Thomson Locations: Zurich, That’s

☆ Brookfield pounces on two new green trends
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 3 (Reuters Breakingviews) - European green assets are starting to look cheap. That’s the implication of Brookfield’s $1 billion swoop on Banks Renewables, one of the UK’s largest green energy developers. Having largely deployed a $15 billion energy transition-focused fund outside Europe, the Canadian investment giant’s new geographical focus is unlikely to be a one-off. Amid a green bubble in early 2021, when Orsted was worth $80 billion, Banks might have fetched way more. While Banks is big in onshore wind farms, the bulk of its 3.5 GW pipeline is focused on solar power and battery storage.

Persons: Orsted, Banks, George Hay, Aimee Donnellan, Oliver Taslic Organizations: Reuters, Banks Renewables, International Energy Agency, Brookfield, X, Temasek, Thomson Locations: Europe, Brookfield

☆ Grocer profit will be sacrificed on UK food altar
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 3 (Reuters Breakingviews) - British shoppers enjoyed a novel experience last month: lower food prices. Admittedly, the fall in the average food basket between August and September was just 0.1%, according to the British Retail Consortium. But it was the first monthly fall in food prices since July 2021 and brought down overall retail inflation to 6.2%, the lowest in a year. That’s good for consumers, especially those who like dairy products, margarine, fish and vegetables – the items that caused the overall fall. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Helen Dickinson, Francesco Guerrera, Aimee Donnellan, Oliver Taslic Organizations: Reuters, British Retail Consortium, Bank of, Grocers, X, Temasek, Thomson Locations: Bank of England

☆ European listing exodus is just beginning: podcast
▼ + stars: | 2023-09-28 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Sept 28 (Reuters Breakingviews) - Building materials firm CRH and packaging giant Smurfit Kappa are among a growing list of companies seeking to decamp from Europe to US exchanges. In this Viewsroom podcast, Breakingviews columnists discuss what is prompting groups to leave and why the rot is unlikely to ease. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Oliver Taslic Organizations: Reuters, Thomson Locations: decamp, Europe

☆ Permira will have to work to exit classified hole
▼ + stars: | 2023-09-22 | by ( Karen Kwok | ) www.reuters.com time to read: +3 min

LONDON, Sept 22 (Reuters Breakingviews) - Permira is trying to salvage its bet on classified ads. But buying more may be the best way for Permira to make a healthy return, provided the business can be turbocharged. On Thursday, Adevinta said it had received a non-binding offer from Blackstone and Permira. Norwegian media group Schibsted, a 28% Adevinta shareholder, and eBay, which owns a 33% stake, expressed their support for the proposal and will retain part of their current stake, Adevinta said. In 2021 eBay sold 10% of its stake in Adevinta to Permira for $2.25 billion.

Persons: Adevinta, Permira, Blackstone, Aimee Donnellan, Streisand Neto Organizations: Reuters, Blackstone, eBay, Reuters Graphics Reuters, EBay, Permira, Thomson Locations: Norwegian, Adevinta, Oslo, Permira

☆ Listing duo offers followers a cautious playbook: podcast
▼ + stars: | 2023-09-21 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

A smartphone with a displayed Instacart logo is seen in this illustration taken March 25, 2022. In this Viewsroom podcast, Breakingviews columnists explain how cornerstone investors and lowly valuations helped. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Dado Ruvic, Oliver Taslic Organizations: REUTERS, Reuters, Thomson

☆ Cazoo’s debt fix points to bumpy ride
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

That’s not the fate of shareholders in UK-based and U.S.-listed Cazoo (CZOO.N), which has just announced a brutal debt restructuring. Under the deal announced on Wednesday, bondholders will swap $630 million of convertible notes for $200 million of fresh debt and a large slug of the equity. The debt cut will do little to fix Cazoo’s rickety engine. Although the company had 195 million pounds of cash at the end of June, it burnt through over 50 million pounds in the previous six months. And revenue this year is expected to fall nearly 40%, as customers racked by high interest rates tighten their belts.

Persons: That’s, Cazoo, Aimee Donnellan, Bernie Sanders’s, Neil Unmack, Oliver Taslic Organizations: Reuters, Thomson Locations: U.S

☆ Pearson’s pricey CEO will rile shareholders
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 20 (Reuters Breakingviews) - Pearson (PSON.L) is baiting shareholders with its choice of new CEO. The 57-year-old will receive 13 million pounds’ worth of cash and restricted shares on top of his normal pay as compensation for leaving Microsoft. Such generosity is questionable considering that in April nearly half of the London-listed company’s shareholders voted against a pay package of more than 8 million pounds for Bird. Despite its greater digital focus, Pearson’s revenue is expected to flatline over the next three years, LSEG forecasts show. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Pearson, Andy Bird, Omar Abbosh, There’s, Aimee Donnellan, Bernie Sanders’s, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Microsoft, Disney, X, Thomson Locations: London

New anti-obesity drugs have the potential to transform public health, while obliterating demand for products and services from the medical, food and fitness industries. Drugs developed by Novo Nordisk (NOVOb.CO) and Eli Lilly (LLY.N) appear to be the first truly effective diet treatments. In one clinical trial, patients taking Eli Lilly’s soon-to-be-launched weight-loss drug lost about 50 pounds (23 kg). Only about a third of those who started taking the drugs for obesity were still doing so a year later, according to one analysis. Yet even as Novo, Lilly and others see their addressable markets expand, some companies will see theirs shrink.

Persons: Lilly, George Frey, Eli Lilly, Eli Lilly’s, Novo, Wegovy, Kraft Heinz, Burger, LSEG, Michael Farrell, Zimmer Biomet, Smith, Peter Thal Larsen, Sharon Lam, Oliver Taslic Organizations: Novo Nordisk, Pharmacy, REUTERS, Reuters, TAM, Drugs, Alpha, Reuters Graphics Reuters, Cadbury, Mondelez, Fortune Business, Burger King, KFC, Yum Brands, Centers for Disease Control, Milken Institute, BMJ, Novo, Inspire Medical Systems, Novo Nordisk’s, WW International, Fashion, Thomson Locations: Provo , Utah, U.S, New, United States, Lilly, England

☆ Retail park bounce adds nail to high street coffin
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 19 (Reuters Breakingviews) - Retail parks are a beacon of hope in a gloomy UK property market. Since their 2015 peak, average retail rents have come down by a third, analysts estimate. Retail parks are also good for e-commerce as they allow customers to drop off and pick up orders. That’s not the case on the high street, where business rates and high rents have driven tenants out. Today’s 2.5% rise in its shares suggests investors need more than growing retail parks to be convinced of its prospects.

Persons: That’s, Aimee Donnellan, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Sports, Land, Centre for Retail Research, X, Thomson

☆ Lonza’s CEO churn adds to company’s ailments
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Denis Balibouse Acquire Licensing RightsLONDON, Sept 18 (Reuters Breakingviews) - Lonza’s (LONN.S) new broom will face even more challenges than its old one. Since he was appointed CEO in 2020, the Swiss group has increased capital expenditure as a percentage of revenue from 20% to 30% last year. Even before Monday’s fall, the stock was trading at 32 times its forward earnings, around the same level as before its pandemic surge. The disruption of another CEO exit, without a clear explanation, means that the hoped-for growth will take even longer to arrive. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Denis Balibouse, Pierre, Alain Ruffieux, Albert Baehny, Aimee Donnellan, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, Swiss, X, Thomson Locations: Lonza, Visp, Switzerland, Swiss

☆ AstraZeneca succession sickness demands urgent fix
▼ + stars: | 2023-09-15 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

LONDON, Sept 15 (Reuters Breakingviews) - Can a CEO be worth $9 billion? That’s the question posed by the 4% fall in AstraZeneca’s (AZN.L) shares following an article stating boss Pascal Soriot may soon resign. The company has played down the report, and its stock has recovered, but the episode highlights its uncertain position were 64-year-old Soriot to leave. Without a clear succession plan, investors should prepare for further swings. Small wonder investors and analysts wonder whether AstraZeneca will be able to find a successor capable of replicating his success.

Persons: Pascal Soriot, AstraZeneca’s, Ivan Menezes, Debra Crew, Soriot, Susan Galbraith, David Fredrickson, Luke Miels, Soriot’s, Neil Unmack, Streisand Neto Organizations: Reuters, Pfizer, pharma, Novartis, Sanofi, GSK, AstraZeneca, Diageo, Thomson Locations: AstraZeneca’s, Swedish

☆ BP CEO exit raises strategy and board questions: podcast
▼ + stars: | 2023-09-14 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Sept 14 (Reuters Breakingviews) - Bernard Looney resigned after he failed to disclose past relationships with staff. In this Viewsroom podcast, Breakingviews columnists debate what that means for the oil giant’s commitment to net zero, and whether BP’s board did all it could have done. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Bernard Looney, Oliver Taslic Organizations: Reuters, Thomson

☆ Inditex can afford to start sharing its cash pile
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

An employee arranges clothes at one of the largest Zara stores in the world, in Madrid, Spain, April 7, 2022. REUTERS/Juan Medina/File Photo Acquire Licensing RightsLONDON, Sept 13 (Reuters Breakingviews) - Marta Ortega is facing a test on Inditex’s (ITX.MC) bulging cash pile. In the same period, Inditex delivered 2.5 billion euros of net profit, up 40% year-on-year. Still, growing profits mean its cash pile will only get larger. Net cash is expected to balloon to 12 billion euros by year-end, LSEG data show.

Persons: Juan Medina, Marta Ortega, Massimo Dutti, Inditex, Ortega, Inditex’s, Aimee Donnellan, BoE, Lisa Jucca, Streisand Neto Organizations: REUTERS, Reuters, Reuters Graphics Reuters, X, Treasury, UBS, Warner Bros Discovery, Thomson Locations: Zara, Madrid, Spain, Asia

☆ Grocers learn lessons of ‘greedflation’ drama: podcast
▼ + stars: | 2023-09-12 | by ( Aimee Donnellan | ) www.reuters.com time to read: +1 min

A customer is seen inside an Albert Heijn shop, operated by Ahold Delhaize, the Dutch-Belgian supermarket operator, in Eindhoven, Netherlands, January 23, 2019. In this Exchange podcast, Ahold Delhaize CEO Frans Muller explains why demand for own-brand goods gives the Dutch group an upper hand in supplier negotiations. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Albert Heijn, Ahold Delhaize, Eva Plevier, Ahold, Frans Muller, Oliver Taslic Organizations: REUTERS, Reuters, Thomson Locations: Dutch, Belgian, Eindhoven, Netherlands

☆ UK wind fail is catalyst for belated subsidy rejig
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 8 (Reuters Breakingviews) - Britain’s shaky ambitions to be the “Saudi Arabia of wind” now stand at a blustery crossroads. Developers had been warning for months that the UK’s latest offshore wind auction, divulged on Friday, would receive no takers. Britain could just focus on solar and onshore wind, which respectively received 1.9 gigawatts and 1.5 GW in the latest overall 3.7 GW auction. A 2022 auction saw offshore wind constitute two-thirds of a much chunkier 10.8 GW of power awarded. The very real prospect of zero wind schemes ought to be the kick up the backside UK politicians need to make the terms more appealing.

Persons: George Hay, Aimee Donnellan, Oliver Taslic Organizations: Reuters, X, Warner Bros Discovery, Thomson Locations: Saudi Arabia, Britain

☆ Arm’s IPO valuation rests on big dose of hope: podcast
▼ + stars: | 2023-09-07 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

The Arm Ltd logo and a rising stock graph are seen in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Sept 7 (Reuters Breakingviews) - The SoftBank-owned chip designer is getting ready to list. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Dado Ruvic, Oliver Taslic Organizations: REUTERS, Reuters, Thomson

☆ The obesity drug boom is just getting started: podcast
▼ + stars: | 2023-09-05 | by ( Aimee Donnellan | ) www.reuters.com time to read: +1 min

A 0.25 mg injection pen of Novo Nordisk’s weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. REUTERS/Victoria Klesty/Illustration Acquire Licensing RightsLONDON, Sept 5 (Reuters Breakingviews) - Over 1 bln people are obese, the WHO reckons. Denmark’s Novo Nordisk is ahead of the pharma pack with its Wegovy weight-loss drug. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Victoria Klesty, Lars Jorgensen, Oliver Taslic Organizations: REUTERS, Reuters, WHO, Denmark’s, Denmark’s Novo Nordisk, pharma, Thomson Locations: Oslo, Norway, Victoria, Denmark’s Novo

☆ Pernod Ricard shares face a lengthy dry spell
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

A glass of cognac is pictured on a bar in the Manhattan borough of New York City, November 13, 2015. REUTERS/Mike Segar Acquire Licensing RightsLONDON, Aug 31 (Reuters Breakingviews) - Pernod Ricard (PERP.PA) shareholders have few reasons to cheer. The owner of Mumm champagne and Absolut Vodka said that China’s property crunch was making wholesalers cautious and keeping punters out of nightclubs. China has been a key source of growth for drink-makers: helped by Asia, Pernod Ricard’s sales outside of Europe and the Americas grew 17% in 2023. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Segar, Pernod Ricard, Mumm, Remy Cointreau, Aimee Donnellan, Mukesh Ambani’s, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Investors, Pernod, Diageo, X, Thomson Locations: Manhattan, New York City, U.S, China, Asia, Europe, Americas

☆ African coups will ramp up scramble for minerals: podcast
▼ + stars: | 2023-08-31 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

Gabonese military appear on television as they announce that they have seized power following President Ali Bongo Ondimba's re-election. Gabon 1ere/via REUTERS Acquire Licensing RightsLONDON, Aug 31 (Reuters Breakingviews) - Gabon’s government was overthrown by a military revolt, following similar unrest in Niger. In this Viewsroom podcast, Breakingviews columnists discuss how instability in producers of key resources like manganese and uranium will lead global powers to hunt for more stable sources. Listen to the podcastFollow @aimeedonnellan on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Ali Bongo Ondimba's, Oliver Taslic Organizations: REUTERS Acquire, Reuters, Thomson Locations: Gabonese, Gabon, Niger

☆ NN Group’s deal spree is finally delivering
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 29 (Reuters Breakingviews) - NN Group (NN.AS) is reaping the benefits of scale in its Dutch backyard. Benign weather in the Netherlands, one of the few European states to escape extreme summer weather, helped. But the seeds of NN’s resurgence lie back in 2016 when it began a 3 billion euro deal splurge, first on domestic rival Delta Lloyd and then VIVAT’s general insurance arm. That helped it hike a 10% share of the general insurance market to 24% as of 2021. NN has outperformed its country rival Aegon (AEGN.AS), boosting shareholder returns by 64% since it bought Delta Lloyd in 2016.

Persons: David Knibbe, Elliott Advisors, Elliott, Delta Lloyd, Aimee Donnellan, Mukesh Ambani’s, Didi, George Hay, Oliver Taslic Organizations: Reuters, Chief, Delta, Aegon, Delta Lloyd, Thomson Locations: Netherlands

☆ GAM’s end game still has a way to go
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsMILAN, Aug 24 (Reuters Breakingviews) - GAM’s (GAMH.S) long-running takeover saga has entered a critical phase. The ball is now with the opposing shareholders, which control nearly 10% of the asset manager. The NewGAMe crowd has proposed issuing a 25 million Swiss franc convertible bond to give GAM some breathing space. But this won’t cover expected losses, restructuring charges and pension costs amounting to at least 100 million Swiss francs, GAM has calculated. As things stand, to win the game of rescuing this embattled asset manager, investors will have to dig deep.

Persons: Xavier Niel, Sarah Meyssonnier, NewGAMe’s, Lisa Jucca, Coinbase’s, Aimee Donnellan, Streisand Neto Organizations: French, REUTERS, Reuters, Management, GAM, X, Thomson Locations: Paris, France, French, Ukraine

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