Olaf Storbeck
CNBC
United Kingdom
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Past articles by Olaf:
The great German beer crisis
German beer drinkers and makers are changing. Quality, not quantity, is what German beer drinkers want now, The Financial Times reports. → Read More
German vote bodes ill for utilities and autos – Breakingviews
Chancellor Angela Merkel may well turn to the Greens to form a coalition government. The party’s priority is combating climate change. Carbon-heavy power producers like RWE and carmakers wedded to the internal combustion engine are likely to be the first in the firing line. → Read More
Diminished Merkel will choke ambitious euro reform
One of Chancellor Angela Merkel’s prospective coalition partners rejects closer euro zone fiscal ties. A weak election showing has made her own party restive and the right-wing AfD will hound her. Preserving the euro's status quo is the best that Europe can expect from Germany. → Read More
Germany’s Caribbean coalition will shake Europe
The country’s two biggest parties suffered their worst post-war election result. That leaves Chancellor Angela Merkel with little choice but to forge a tricky and fragile “Jamaica” coalition with the right-wing FDP and the Greens. It’s a blow to hopes for European Union reform. → Read More
Siemens-Alstom train-deal economics trump politics – Breakingviews
The German firm may merge its train unit with the French peer Alstom, rather than Bombardier. That would create a global player in high-speed rail, but leave Siemens in an awkward embrace with joint-owner French government. It’s a price worth paying to create a European champion. → Read More
Tata Steel JV pays ThyssenKrupp four dividends
A historic joint venture with India's Tata will unshackle the German group from the fickle, capital-intensive steel industry. Lower pension liabilities, a share of synergies worth 3 bln euros and a more robust balance sheet are further benefits. Workers will fare better too. → Read More
Uniper bid lacks spark for all bar E.ON – Breakingviews
Finnish utility Fortum’s plan to buy its German rival for 8 billion euros may create more losers than winners. Uniper's top shareholder E.ON has reasons to accept a 4.5 percent premium but its other investors will rightly grumble. Nor does the deal make much sense for the bidder. → Read More
Breakdown: Colour-coding Germany’s election – Breakingviews
GroKo, black-green or Jamaica? Angela Merkel is almost certain to win a fourth term, but the race to be her partner is wide open. The outcome matters for Germany – and for Europe. Breakingviews decodes the colourful jargon, and looks at the consequences of different outcomes. → Read More
Breakingviews - Merkel’s past omissions will return to haunt her
By Olaf StorbeckLONDON (Reuters Breakingviews) - German Chancellor Angela Merkel’s past economic omissions may come back to haunt her if she wins a f → Read More
Merkel’s past omissions will return to haunt her – Breakingviews
Germany’s Chancellor has for 12 years failed to invest enough, prepare for costly climate change goals, or tailor the welfare state to an ageing population. An economic upswing is hiding fault lines but Merkel’s past inactivity will exact a high price in the next downturn. → Read More
Akzo investors get whiff of reality. It smells bad – Breakingviews
The Dutch paint maker promised much better earnings in its defence against an attractively priced takeover by U.S. rival PPG. A profit warning for 2017 shows Akzo will struggle to meet its fanciful targets. But it’s hard for new chief Thierry Vanlancker to wipe the slate clean. → Read More
Rebooted UK-French software merger rewards patience
After two botched attempts in as many years, French industrial group Schneider and UK software maker Aveva are trying to hook up again. The $3.9 bln deal is as complex as it is financially alluring. With past glitches ironed out, the merger has a good chance of becoming reality. → Read More
German car industry may become Merkel’s nemesis – Breakingviews
Re-election in September will lumber Chancellor Angela Merkel with the challenge of managing a crisis that is looming in the auto sector. The fight for clean air in cities could accelerate the shift to electric vehicles and jeopardise up to a tenth of Germany’s industrial jobs. → Read More
Total gives Maersk a crude $7.5 bln exit from oil
The Danish conglomerate will get a 3.8 pct stake in French energy major Total in return for its oil assets. While the price looks good, Total’s stock has underperformed Maersk’s. At least Maersk investors may retain exposure to the rich synergies Total is predicting. → Read More
Merkel matters less than her next coalition allies
By Olaf StorbeckLONDON (Reuters Breakingviews) - Winning brings its own problems. Chancellor Angela Merkel is likely to land a fourth term in German → Read More
Merkel matters less than her next coalition allies – Breakingviews
The German chancellor is poised to win a fourth term in September’s vote. However, Angela Merkel may well be forced to govern with a small majority in partnership with the Free Democrats. That party’s trenchant calls for even more austerity are bad news for Germany and Europe. → Read More
Elliott finds part-victory in Akzo defeat
The U.S. activist failed to arm-twist the Dulux paint maker into a merger with PPG. The Dutch group has, though, committed to a full breakup and put two solid new members on the board. It’s a decent result for Akzo’s investors – although less than Elliott’s might have wanted. → Read More
Marchionne's Maserati spinoff lacks traction
By Olaf StorbeckLONDON (Reuters Breakingviews) - Fiat Chrysler boss Sergio Marchionne has a knack for buying and selling car brands at the right time → Read More
Marchionne’s Maserati spinoff lacks traction
Fiat Chrysler’s boss is considering selling the group’s premium brands, according to a report. He staged a similar trick with the firm’s high-end Ferrari brand. Yet Maserati and Alfa Romeo are tiny and need Fiat’s production lines. Staying part of a larger group makes more sense. → Read More
Rocket buyback hints at change of trajectory
A 100 mln euro share buyback is an attempt to show the German tech investor has completed its wobbly booster phase. As it now has 1.7 bln euros of net cash, that’s partly true. But ongoing losses, and doubt over the IPO of HelloFresh, could constrain its upward potential. → Read More