Catch up with the latest pandemic-related financial insights from Breakingviews, from HSBC’s London HQ to Westpac’s new chairman, in the latest edition of Corona Capital:
Employees assemble cars at a production line of Dongfeng Peugeot Citroen Automobile factory in Wuhan, Hubei province, February 13, 2014.CHINA DOES A PEUGEOT U-TURN. Dongfeng Motor’s plan to cut its 12.2% stake in Peugeot after a market rout has gone into reverse. The Chinese car company, which helped bail out its French peer in 2014 with an investment of around 800 million euros, is now reviewing the sell-down after seeing the value of its holding halve to 1.
Wachtell, Lipton, Rosen & Katz, the law firm that developed the poison pill in 1982, unsurprisingly suggested in a memo on Wednesday that it is a tool companies should be using. Poison pills can be abused by entrenched boards resistant to a takeover. But with stock markets at their most volatile since 2008, the devices for once may help shareholders, by ensuring company bosses don’t have to worry about opportunist predators as they try to keep their businesses going for the long term.
ISLE THREAT. When HSBC decided to keep its office in London in 2016, the bank said it would only revisit the decision “if there is a material change in circumstances”. Yet the question flared up on Wednesday after the Financial Times reported the lender was debating whether to move to Hong Kong after cancelling its final 2019 dividend under pressure from the Bank of England. Though HSBC denied any such discussions, there’s disquiet on the $100 billion lender’s board.
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