Aimee Donnellan

German Chancellor Friedrich Merz and his counterparts are reluctantly contemplating action to address a yawning €360 bln deficit with the People’s Republic. In this week’s Viewsroom, Breakingviews columnists debate whether the continent can actually form a united front.

China wants tighter controls on cross-border flows, which could make it harder for Hong Kong to sustain its new position as the world’s top offshore centre. In this Viewsroom podcast, Breakingviews columnists debate what this means for HSBC, AIA and China’s economy.

The ​ride hailing to takeaway group agreed to buy ‌Germany’s Delivery Hero for $15 bln. Ample synergies justify the splurge, along with the need for scale following deals by ​DoorDash and Prosus. But with the sector's big ​prizes gone, its rivals must hunt trickier regional ⁠scraps.

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.