Theresa May

The Ides of March for Theresa May As She Prepares to Trigger Article 50

By end March, the UK will trigger the nuclear button splitting it from the European Union. A landmark decision which will determine both parties’ future, irrespective of the side of the English Channel they find themselves on. Both will bear the brunt of this civil and amicable divorce, facing a lose-lose outcome. But we will all have to deal with the sub-optimal upshot.


Ferrovial, Plenary Create Netflow To Bid For Projects In Australia

Ferrovial has teamed up with the Australian company Plenary to bid for motorway and other infrastructure concessions in Australia and New Zealand. They will create a joint venture (the Netflow consortium) through Ferrovial’s concessionary arm Cintra. This market is a priority one for Ferrovial, basically because of its high profitability.

Deutsche Boerse

Deutsche Boerse, A Merger That Need Not Happen

Since the DB /LSE merger was announced (a year ago officially), it has been more beneficial to LSE shareholders than to DB’s, with a valuation gap (29x for LSE vs. 18x for DB) that has never closed. Respective shares have continued to trade in an uncorrelated way suggesting that not only the deal is not consummated but that the GBP/Brexit tango cannot be ignored.

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