PepsiCo resistance against activists looks futile

By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

A PepsiCo breakup looks like a matter of time. Investors with a hankering for corporate restructurings have taken stakes in the $128 billion snacks and drinks conglomerate. Splitting the two operations in some way would be straight out of their standard playbook. Though the company has opposed such efforts in the past, the success of Nelson Peltz at Cadbury and his interest in another food biggie, Mondelez, may be hard to resist.

Chrysler value spat may offer Fiat silver lining

By Rob Cox

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

It took about a generation before Italian immigrants to the United States adopted the ways of their new home and shook off those of the old country. Italy’s premier industrial enterprise may do it in a matter of years. A spat over Fiat’s plans to fully acquire Chrysler, Detroit’s number three carmaker, could hasten the process.

ABB takes a shine to solar

By Quentin Webb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

ABB’s contrarian push into solar energy looks smart. The Swiss group is buying Nasdaq-listed Power-One for $1 billion in cash – a fully priced deal, given the solar industry’s current financial misery. But ABB insists Power-One occupies a sweet spot. That sounds plausible, and long term, the deal should add up.

Crackdowns only make M&A leaks more tempting

By Jeffrey Goldfarb
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Cracking down on M&A leaks may only make them more tempting. Merger practitioners say fresh research showing that news is trickling out less often about companies for sale can partly be attributed to tougher rules and enforcement. Though loose lips come with less chance of deals closing, they also coincide with much higher premiums. Some bankers will always fancy that mix of risk and reward.

Weaker yen won’t halt Japan Inc’s overseas spree

By Peter Thal Larsen

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)

A weaker yen won’t reverse Japan Inc’s overseas M&A drive. While a strong currency, low interest rates and a stagnant home market fuelled an international shopping spree in 2012, the promise of a domestic revival under new Prime Minister Shinzo Abe has caused buyers to temporarily put away their wallets. But even so-called Abenomics can’t cure Japan’s ageing and shrinking population.

CVC takes opportunistic tilt at Betfair

By Quentin Webb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

CVC is taking an opportunistic tilt at Betfair. The buyout giant’s admission that it may make a bid for the UK gambling outfit follows Betfair’s terrible run since flotation. But CVC could struggle to persuade investors to fold their hands at this stage.

J.C. Penney exposes inefficiency valuing CEOs

By Richard Beales

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The debacle at J.C. Penney exposes a glaring inefficiency in how the market values corporate chieftains. When the struggling U.S. retailer hired Apple whiz Ron Johnson in 2012, the company’s equity value spiked by more than $1 billion. On Monday evening, news of his departure added $350 million. The return of ex-Chief Executive Mike Ullman – the man Johnson replaced – swiftly erased some $700 million. Such big swings make no sense.

Satellite IPO launches risk tolerance into orbit

By Quentin Webb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Intelsat’s initial public offering could be a telling launch for stock markets. The owners want a full valuation despite the satellite operator’s slow growth and stratospheric debt. If investors are ready to buy, it suggests risk tolerance is heading sky-high.

Deal prospects make Vodafone look cheap

By Quentin Webb and Robert Cyran
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Deal prospects make Vodafone look cheap. An optimistic reading of the underlying valuations suggests M&A could deliver shareholders in the London-listed mobile giant perhaps 35 percent more value than they have now. That’s an extra 31.5 billion pounds ($47.6 billion). But unlocking this would entail huge deals and huge headaches to match.

Tele2′s Russia retreat may spur mobile competition

By Quentin Webb

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Tele2 is making a decent Russian exit, all considered. The Swedish telecom is selling its unit there for $3.55 billion to state-backed VTB. Attempts to gatecrash the Kremlin-blessed deal look forlorn. And life may get harder for Tele2’s bigger rivals.