All the latest news on deals and dealmaking from around the world

Political risk clouds Pfizer-Allergan deal

Transaction is seen as vulnerable to change in ‘tax inversion’ law


Investment banking league tables
This quarter’s global mergers and acquisitions activity and the deals and dealmakers involved

Corporate tax: The $240bn black hole

The $21bn tax savings from Pfizer’s merger with Allergan make need for US to close loopholes more urgent

Obama should close Pfizer’s tax loophole

Drug company’s tax inversion shows poor corporate citizenship

Shareholders vote down Li Ka-shing merger

Investors oppose move giving parent group use of $8bn cash pile

‘No bitching about the European Central Bank’: Allianz’s Oliver Bäte refuses to criticise central bankers over low bond yields
©Anna Gordon

Allianz: tales of the unexpected

Can a global insurer be expected to grow?


illustration of a private bank by Øivind Hovland ©Øivind Hovland

Switzerland, strategies, competition, crisis fallout, technology, emerging markets, recruitment, consolidation

illustration by Nick Lowndes ©Nick Lowndes

Insight into M&A in the technology, media and tele-communications sector

Ladbrokes investors back Gala Coral deal

Overwhelming vote in favour despite Dermot Desmond’s opposition

It’s time to talk about takeovers

If the argument for a deal is strong, debate will endorse it

Alcoa finds support from activist Elliott

Hedge fund known for challenging management takes different tack

Falkland oil explorers combine efforts

Rockhopper to buy Falkland Oil and Gas for £57m

Allianz pushes into China with Baidu deal

German group to combine with search engine to sell insurance online

Pfizer seeks US support for Allergan deal

Drugmaker defends $160bn tie-up as politicians mount attack

Atom Bank logo
©Atom Bank

BBVA enters UK with Atom stake deal

Spanish bank becomes largest investor in digital-only lender

Forbes: Selling the family jewels

A complex sale of the magazine to Asian investors quickly fell apart, prompting a messy legal dispute

Pfizer lab handout

Pfizer / Allergan: history will not repeat

Financial engineering is fine, but the sums have to work

Pfizer bulks up in era of slimming down

Given size of $160bn Allergan deal any split would not be until at 2018

Credit repricing challenges dealmakers

Investors are pulling back from risky debt and loans

Pfizer set for windfall with Ireland move

Allergan deal likely to lead to one-off gain of up to $21bn

online poker

Playtech folds on Plus500 deal

Gambling group says FCA demands will take too long to implement

The Maersk Mc-Kinney Moller EEE-Class 18,000 TEU (Twenty-foot Equivalent Unit) capacity vessel, operated by A.P. Moeller-Maersk A/S, sits docked at APM Terminal at the Port of Rotterdam in this handout photograph taken on Aug. 16, 2013 and released to the media on Monday, Aug. 19, 2013. A.P. Moeller-Maersk A/S raised the earnings forecast for its container-shipping line, the world's largest, after second-quarter profit at the unit almost doubled as lower fuel prices and costs offset a drop in freight rates. Source: APM Terminals via Bloomberg EDITOR'S NOTE: NO SALES. EDITORIAL USE ONLY

NOL: necessary and insufficient

In container shipping, consolidation is not enough

Passenger walkways hang over the tarmac at Manchester airport in Manchester, UK, on Thursday, Oct. 21, 2010
©Chris Ratcliffe/Bloomberg

Manchester angles for London passengers

Hub tries to capitalise on delays as it passes 23m passenger mark

Container ships at London Gateway docks near Thurrock
©Charlie Bibby

CMA CGM in exclusive talks with NOL

French shipping group eyes Singapore rival

Pfizer and Allergan race to seal deal

Companies set to create the world’s biggest drugmaker

Transcript: FT City Network

Should backstop liquidity facilities be extended beyond banks?

Siemens strives for revenue growth

Chief executive Joe Kaeser has led a sweeping restructuring at Europe’s largest industrial group

Not so sparkling outlook for diamonds

Demand for lesser rocks has faltered and chances of finding ‘specials’ are small

EMC: The wrong track

The deal discount is an opportunity for investors and a repair job for management

Pfizer tie-up would mark M&A high point

Pharma has seen a vigorous period of dealmaking

Corporate diary

First set of results from combined cement giant LafargeHolcim

Cigarettes are seen during the manufacturing process in the British American Tobacco Cigarette Factory (BAT) in Bayreuth, southern Germany.
©Michaela Rehle/Reuters

BAT to launch hybrid e-cigarette

Tobacco major seeks to beat regulatory push and shrinking demand

Q&A: Taiwan’s semiconductor industry

Segment is biggest part of a sector that generates 40% of exports

Botox treatment in forehead

Top Allergan investors fret over bid price

Some shareholders keen on Pfizer offer closer to $400 a share

IAC/ Angie’s List: Home Improvement

Take heart fallen unicorns, tech juggernauts can still ride to the rescue

Crowds during London tube strike
©Chris Batson

Crowdfunding and P2P sector set to shrink

Smaller platforms likely to struggle to gain investment


Nyrstar hires Trafigura finance chief

Appointment comes as EC examines links between companies

No prospect of speedy judgment on HBOS

Any inquiries will take at least 18 months to reach conclusion

Rolls told to give board seat to investor

Hedge fund ValueAct doubles its stake in UK engine maker

What junk bond credit spreads reveal

Investor tool to judge the creditworthiness of the private sector

Pfizer woos Washington over Allergan

US group hopes to buy Irish company for more than $380 per share

Dialog investors approve $4.6bn Atmel deal

Elliott fails to garner sufficient support to quash takeover

Bombardier sells 30% stake in train unit 

Caisse de Dépôt et Placement du Québec to pay $1.5bn