Pit Stop: Ab InBev refuels its deal machine through $5.6bn Budweiser IPO

Ab InBev [ABI:BB] – Market Cap as of 04/10/2019: €170.061bn Budweiser Brewing Company APAC Ltd [HKG: 1876] – Market Cap as of 04/10/2019: HK$403.92bn Introduction On September 30th, the brewer behemoth Anheuser-Busch InBev listed the shares of its Asian Pacific subsidiary, Budweiser Brewing company APAC limited, in the Hong Kong Stock Exchange. The shares closed […]

Russian Bear is Back

In this article, we will suggest some reasons to consider an investment in the Russian economy, by first introducing the international economic environment, then the specific Russian economy and finally provide an investment strategy. Why to Invest in Russia? The purpose of the article is to show why an investment in Russia could be very […]

Highly Leveraged Corporate America: All Chickens Come Home to Roost

Introduction The 2008 Global Financial Crisis (GFC) and subsequent Great Recession pushed the US Federal Reserve to deploy two main tools of monetary interventionism: 1) Quantitative Easing (QE) 2) Reduction of the federal funds rate to unprecedented historical lows The Federal Reserve began purchasing both sovereign and corporate bonds in mass amounts as part of […]

Going Once, Going Twice, Sold! Cinven and Bain Capital to Acquire STADA for €5.3bn after Intense Bidding War

Stada Arzneimittel AG (FWB: SAZ) – market cap as of 21/04/2017: €4.02bn Intel Cinven Partners LLP – private company – AUM as of FY 2015: €10.60bn Bain Capital Private Equity, LP – private company – AUM as of 04/04/2017: $32.40bn Introduction On April 10, 2017, Bain Capital Private Equity, LP (“Bain Capital PE”) and Cinven […]

Is it time to short China?

Once again Soros has bet against China. This time it is with regards to its mounting debt, comparing it to a pre-crisis US in a recent interview with Bloomberg. He justified his opinion by looking at the booming credit market and growth of the inefficient state owned zombie firms. Measuring the level of debt to […]

Telecom industry “calls” for consolidation: threats and opportunities in the Italian market

We all know the strong changes that Internet has brought to our everyday lives; the way people are connected and communicate has changed dramatically over the past years. Phone calls and standard text messages are becoming less and less popular, as alternative communication services and apps like WhatsApp or Messenger take over. Customers’ demand has […]

Starwood – Marriott: Star Marriage or a Walkaway?

Starwood Hotels & Resorts Worldwide Inc.; Market Cap: $12.18bn (as of 19/11/2015) Marriott International Inc.; Market Cap: $ 18.64bn (as of 19/11/2015)   Introduction On November 16, Marriott International, Inc. (NASDAQ:MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced that the boards of directors of both companies unanimously approved a definitive merger agreement, […]

Visa Inc. gets a European visa to buy its orphan sister

Visa Inc.; Market Cap: $190.62bn (as of 06/11/2015) Visa Europe Ltd.; Market Cap: N/A (as of 06/11/2015)   Introduction On November 2nd, Visa Inc. (NYSE: V), the payment processing giant which holds an approximate 39% market share of the credit card marketplace, announced the acquisition of Visa Europe Ltd., its former subsidiary and European sister […]

Market Recap 18/04/2015

This week the market division wrote about US, UK and EU, with a particular focus on what is happening in Greece. US The market mover this week in US was the inflation figure – consumer prices fell 0.1% in March with respect to last year, but the core measure of inflation which strips out more […]

M&A drama: Endo takes on a spoiler role in the Valeant bid for Salix

Endo International Plc; Market Cap (as of 13/03/2015): $15.4bn Salix Pharmaceuticals Ltd; Market Cap (as of 13/03/2015): $10.8bn Valeant Pharmaceuticals Intl, Inc.; Market Cap (as of 13/03/2015): $63.9bn The pharmaceutical sector has turned into a war-zone again with of the bidding war between two aggressive dealmakers and two ex-colleagues: Mr. Rajiv De Silva of Endo […]

Altice: cable-telecom operator with the soul of a buyout fund

Altice SA; Market Cap (as of 06/03/2015): €24bn Altice’s use of high levels of debt to fund its consolidation of the cable and telecoms sector in Europe has raised many eyebrows among investors and analysts, but so far the risks seem to be paying off. Since it’s initial public offering at the start of 2014, […]

All time record debt offering for Apple – the first since 1996

Apple, Inc. Market Cap (as of 03/05/13): $418.2 bn Transaction Size: $17.0bn   On the 30th of April Apple Inc.  has set a new corporate record. In fact, after having recently regained its position as the world’s most valuable company and having announced the largest share buyback in history, it sold $17bn of bonds, the largest corporate-bond deal […]