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Jul 26, 2016

DealBook P.M. Edition - July 26, 2016: Top Story $1 Billion for Dollar Shave Club


Tuesday, July 26, 2016


Top Story
DEAL PROFESSOR
$1 Billion for Dollar Shave Club: Why Every Company Should Worry



By STEVEN DAVIDOFF SOLOMON
The internet, mass transportation and globalization allow decentralized companies to be smaller and leaner and have fewer employees.


DealBook Highlights
Goldman is Sued on Ties to Malaysia’s Prime Minister
By NATHANIEL POPPER
The private equity firm asserts Goldman provided bad advice to one of its clients to help the scandal-plagued administration of Najib Razak.
Anheuser-Busch InBev said on Tuesday that it would now pay 45 pounds, or $59, a share in cash for SABMiller, an increase of £1 from its prior offer.
Post-‘Brexit’ Vote, Anheuser-Busch InBev Raises Offer for SABMiller
By CHAD BRAY
The sweetened bid for the rival brewer came in response to the sharp drop in the pound in the weeks since Britain voted to leave the European Union.
ECONOMIC SCENE
A rally against the Trans-Pacific Partnership in Santiago, Chile, in May.
Why Dropping the Trans-Pacific Partnership May Be a Bad Idea
By EDUARDO PORTER
The pact has few friends left in Washington, but America’s Asian allies may see backing off as a betrayal of Washington’s commitment to the region.
Vivendi Seeks to Revise Deal for Mediaset’s Pay-TV Arm
By CHAD BRAY
The French giant has proposed buying 20 percent of the pay-TV business and then buying another 15 percent of Mediaset in three years.
 
Buzz Tracker
How does this hedge-fund manager make so much money? Joseph Meyer’s guarantee: you will never lose money. However, investors must hand over their cash for a decade. If they exit early, he keeps half the principal. – Bloomberg
Citigroup and HSBC are jettisoning customers as the era of global empires ends How does a company lose 69 million customers? “Banks are figuring out that providing every product and every service to every client in every country was just wrong,” said Vikram Pandit. – Bloomberg
Why pensions’ last defense is eroding. Long-term returns for U.S. public pensions are expected to drop to the lowest levels ever recorded. – The Wall Street Journal
 
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Looking Ahead
The Fed to meet, but rate increase is unlikely. The Federal Reserve is unlikely to raise its benchmark interest rate when its policy-making committee meets on Wednesday. The domestic economy continues to expand, and concerns about the global economy have eased, but Fed officials see little downside in waiting a bit longer. The Fed’s postmeeting statement, however, could indicate the first step toward rate increases later this year. – Binyamin Appelbaum
Drop in durable goods orders is expected. On Wednesday, at 8:30 a.m., the Commerce Department will release its estimate of the change in durable goods orders in June. Economists expect to see an overall drop of 1.1 percent, because of a fall in demand for aircraft. Core activity, which does not include the volatile aviation category, probably rebounded slightly after weakness in the spring. – Nelson D. Schwartz