Liam Proud

Family scion John Elkann rejected the crypto giant's $1.2 bln bid for the Italian soccer club. That's unsurprising: the valuation looks far too low. Yet Tether has the means, and also a possible motive, to offer more. The question is whether sporting authorities would welcome it.

Buyout-fund backers often wonder whether managers are marking their portfolios too generously. Häagen-Dazs's $18 bln unlisted owner Froneri is a test: rival Magnum floated at a steep discount. Although there are reasons for the gap, it shows private investors are in the dark.

Digital tokens like bitcoin gained $1.2 trln in value in the 12 months after the US president won re-election. If a major stablecoin or exchange fails, the president has strong political and financial reasons to help out. He already has the necessary financial tools to do so.

His SoftBank ⁠empire has been ​integral to OpenAI ​achieving an $840 bln valuation. It puts the ​ChatGPT developer ​in a precarious spot. The ‌Japanese ⁠billionaire’s company is running short on financial firepower, ​threatening ​to ⁠impose pressure on the ​industry’s funding ​network.

In 2021, some ratesetters viewed inflation as temporary and ignorable. Equity investors are ​making a similar bet now, ​with big US and European indexes ⁠off just 8% since the ​Iran war. It implies a short ​energy shock and continued rich valuations. Anything worse risks a selloff.

Monte dei Paschi investors reinstated the $31 bln lender's ousted ​CEO Luigi Lovaglio. One ​interpretation is that they want ⁠him to integrate newly ​acquired Mediobanca fast. Another is ​that they're kicking back at powerful insiders like large shareholder Francesco Caltagirone.

The buyout shop had an ‌offer rejected by Intertek, a testing and inspection firm that plans to split in two. The 9.3-bln-pound ​bid, including debt, looks close to the ​value of the target's parts. A smallish ⁠bump, plus the allure of cash, could ​tempt long-suffering shareholders.

The world’s largest carmakers descended on the Chinese capital for the industry’s annual shindig. In this Viewsroom podcast, Breakingviews columnists debate whether $100-a-barrel oil will jolt demand for electric vehicles, or if economic pain will deter consumers from splurging.

Matchroom, founded by ‌promoter Barry Hearn and chaired by son Eddie, is selling a stake to a specialist sports ​investor. A valuation of over 1 ​bln pounds, reported by the FT, is ⁠no knockout. That may be because ​the big prize, boosting snooker and darts in ​the US, will be a slog.

The private equity firm made ‌a final offer for Intertek of 60 pounds per share plus a dividend. The target, which helps companies ​test products, has played a strong ​defence by pushing the bidder to the ⁠max. Yet further resistance now would risk ​a worse outcome for all.