Aimee Donnellan

Unilever is ‌splitting itself apart and Kraft Heinz considered it. Analysts have asked the obvious ​question of the $274 bln KitKat-to-kibble ​conglomerate. Yet Nestlé’s high multiple, and ⁠thin dividend cover, are good reasons ​for CEO Philipp Navratil to keep ​the Swiss group intact.

CD&R ​bought Morrisons for a $13 ⁠bln enterprise ​value almost five ​years ago, making it time to think about ​an exit. ​Floating the debt-laden, low-growth ‌supermarket ⁠is a nonstarter. Selling to a bigger rival, ​perhaps aided ​by ⁠laxer competition watchdogs, may ​be the ​only ⁠option.

The €37 bln carmaker said sales may ‌fall up to 3% amid a slump in China. That may help win union backing for 100,000 ​job cuts. But even if Volkswagen can ​push through these changes, its hopes of ⁠boosting profitability will struggle as Chinese players ​step up their assault.

The Chinese-founded fast-fashion retailer has released financial details ahead of its long-awaited Hong Kong float. In this Viewsroom podcast, Breakingviews columnists explain how a pushback against its business model in the West may have collapsed the valuation to just $10 bln.

The $77 bln German group is buying ​insurtech At-Bay for $575 ​mln. The US startup was ⁠worth over $1 bln in ​2021. Its valuation slide stems ​from fierce competition in the market for offering hack insurance. ​Yet for Munich, gaining ​data expertise and a stateside foothold ‌is ⁠smart.

EU policymakers envisage €700 bln of annual spending to hit its clean-energy targets, but only a fraction of that sum on adapting to an already-changed climate. In this week’s Viewsroom, Breakingviews columnists discuss the thin ice beneath an unsteady political consensus.

The former sector leader ​trades at a ​discount to Novartis and Roche, ⁠amid growth fears. ​Pascal Soriot, whose 14-year tenure ​already counts one turnaround, ran into opposition to a ​union with $137 bln Bristol ​Myers Squibb. That leaves smaller ‌deals, ⁠where competition is fierce.

The Absolut vodka maker’s shares fell ‌6% after its sales declined again. CEO Alexandre Ricard’s strategy of investing in marketing, while cutting other costs, ​makes sense. But with net debt nearing ​four times EBITDA, slashing the dividend to ⁠free up cash would be a smarter move.

After painful years of post-crisis retrenchment, the likes of Banco Santander and JPMorgan are once again expanding across borders. In this week’s Viewsroom, Breakingviews columnists debate whether the market will reward them, or if they’re just recreating pre-2008 risks.

Not content to supply the leading silicon for powering chatbots, boss Jensen Huang is using his vast cash hoard to prop up customers and forestall rivals. In this week’s Viewsroom, Breakingviews columnists debate whether it can withstand the unstoppable force of competition.