Mergermarket Radio

Activist investors are adapting their strategy to the top of the business cycle. William Mace and William Cain joined us this week to speak about the intersection of private equity and shareholder activism.

Mergermarket Nordics reporter Karoliina Liimatainen talks about Danish pharma firm Lundbeck's plans for M&A to replenish its pipeline.

Just when Apollo seemed poised to take over plastics company RPC, Berry Global emerged as a possible rival bidder. Deane McRobie interviews Mergermarket industrials reporter Joao Grando and Dealreporter industrials reporter Swetha Gopinath on last week's spoiler.

M&A had a strong start to 2018 but slowed in the second half of the year amid growing political uncertainty and flagging consumer confidence. Deane McRobie interviews Mergermarket research editor Jonathan Klonowski and private-equity reporter Claude Risner for insight on the year that was, and asks how the slowdown might reverse course in 2019.

The auction for French listed insurance broker and carrier April Group is one of the most high profile processes in France and private equity houses such as CVC and BC Partners are in a bidding race to acquire the asset. Natalia Lapotko interviews Alexandre Rajbhandari to garner insight into April Group’s attention grabbing valuation, deal dynamics and why this could be a prized asset with expected timings and bidder interest.

The UK Competition and Markets Authority (CMA) is reviewing J Sainsbury's proposed merger with Asda. Brandon Zero talks to Deane McRobie about the CMA's focus on local markets in Phase II.

Japanese pharma company Takeda's USD 62bn acquisition of London-listed Shire is expected to close soon. To gain approval from the European Commission (EC), Takeda has proposed to sell Shire's drug for inflammatory bowel disease (IBD), to avoid an overlap between the two companies. Mintoi Chessa-Florea talks to Yining Su about the proposed divestiture package and its likelihood of finding a buyer.

Security services provider G4S suffered a substantial share price drop following its third quarter results on 7 November. With leverage higher than its peers, and a five-year annualised return of little over zero, could a solution lie in M&A? Will Cain tells Samantha Tomaszczyk the plunge could justify another look at its Cash Solutions business, which could in turn trigger interest for the whole company.

With the mid-November Altice fibre operations bid deadline fast approaching, Dealcast examines not only Altice's strategy but the infrastructure market in France and the implications of Brexit on M&A in France. Why has the process taken so much time? How has the debt situation influenced Altice's strategy? Arezki Yaiche and Natalia Lapotko discuss.

With the 5 November bid deadline approaching, Dealcast examines the potential buyout of plastics packaging firm RPC Group. Will Bain and Apollo have to compete against other suitors, and will they form a consortium? Is RPC’s cash conversion impacting deal chances? Swetha Gopinath and Samantha Tomaszczyk discuss.

This week, Kazatomprom, Kazakhstan's state-owned uranium producer, announced its plans to proceed with an IPO. This is the most advanced of a series of privitisations Kazakhstan is planning, including the national oil company, KazMunaiGas. Meanwhile political shifts in Uzbekistan could precipitate a flurry of potential deals as outlined by this news service over the summer. Patrick Harris, senior reporter on energy and natural resources, talks to Yining Su about the raft of privitisation deals which is expected to sweep across the region.

Barrick's nil-premium takeover of Randgold is being hailed as a landmark deal for the gold mining sector. But are the undoubted synergies enough to please shareholders and deter rival bidders? Patrick Harris tells Samantha Tomaszczyk why the deal is so significant, including its potential impact on Barrick's investment Acacia Mining.

Electronic payment companies and crypto businesses are increasingly turning to M&A to access banking and electronic money institution licenses. Natalia Lapotko, our Business Services reporter, tells Yining Su about the trend.

Following an exciting weekend auction, Comcast is finally crowned the winner and can proceed with its acquisition of Sky. As Comcast's ownership of Sky grows, Dealcast's Katrien Van Hoof and Samantha Tomaszczyk examine the long process that brought us here and look ahead to how the result may impact Fox and Disney.

Two years after talks began, Linde and Praxair are still trying to secure regulatory clearance for their merger. Chinese approval is due within weeks, but with a 24 October deadline approaching, is the industrial gasses deal going to run out of steam? Brandon Zero tells Julie-Anna Needham why the antitrust approvals are proving to be a headache for the companies.

The unstoppable rise in the popularity of craft beer has seen major brewers muscle in on the action, with Heineken's recent investment in Beavertown, and a subsidiary of Kirin acquiring Fourpure. But getting in to bed with "big beer" poses a dilemma for many small brewers who value their independence, with some opting for private equity investment instead. Over a few beers, Julie-Anna Needham discusses the matter with managing editor John West and consumer reporter Deane McRobie.

In this week’s Dealcast¸ the exceptional M&A cycle is discussed with Greenhill’s UK head, Pieter-Jan Bouten. Mega deals are set to continue with both boards and investors displaying an extraordinary level of confidence in pursuing transactions and accelerating growth, according to Bouten. Strong activity in the TMT sector is set to continue, driven by technology and the importance of companies such as Facebook, Amazon and Netflix. With Julie-Anna Needham

Famed for its association with James Bond, the luxury British car-maker Aston Martin is eyeing a London listing later this year. The owners are reportedly hoping for a valuation of between GBP 4bn and GBP 5bn. But investors have questioned that valuation and queried how closely it can be compared to Ferrari, which has seen its share price jump by some 160% since listing in 2016. Julie-Anna Needham speaks to Katrien Van Hoof and Swetha Gopinath.

Long-rumoured break-up candidate Smiths Group recently confirmed talks about combining its medical division with ICU Medical. Could it be the trigger that leads to a break-up of the remaining divisions? Meanwhile, at Uniper’s AGM, a key vote has been delayed on the probe into the role of management and whether they tried to block a stake sale to Fortum. We discuss what it means for the deal. With Julie-Anna Needham and William Cain.

European banking deals are the discussed this week. Barclays' rumoured tie-up with Standard Chartered is making headlines, while Clydesdale has just over a week before it needs to make a firm bid for Virgin Money. In Denmark, Ringjobing Landbobank has secured the backing of major shareholder previous rival for its deal with Nordjyske. With Julie-Anna Needham and Gustav Sandstrom

Dealcast is a fortnightly podcast covering M&A, ECM and other corporate activity. Two complicated relationships are discussed in this edition of Dealcast. Vodafone’s offer for some Liberty Global’s European assets. Their on/off relationship has led them to being compared to Ross and Rachel from Friends. So can they go the distance this time? Comcast’s rumoured bid for Twenty-First Century Fox to rival that of Disney is also examined. With Julie-Anna Needham and Samantha Tomaszczyk

Ed Mullane, editor, and Justin Zacks, analyst, at Activistmonitor talk to Tim LeeMaster about takeaways from the recent 13-F filing season.

The Activistmonitor team - Ed Mullane, Justin Zacks and David Carnevali – speak to Tim LeeMaster about the latest campaigns