Dealcast: The M&A Podcast

This week's episode, hosted by Deane McRobie, features EMEA research editor at Mergermarket, Jonathan Klonowski, and Mergermarket private-equity reporter, Claude Risner. The team review UK M&A activity in 2018 discussing Brexit woes affecting market volatility and sectors to watch if the country heads towards an economic downturn. Also hear their predictions for 2019's deal pipeline.

Two years after talks began, Linde and Praxair are still trying to secure regulatory clearance for their merger. Chinese approval is due within weeks, but with a 24 October deadline approaching, is the industrial gasses deal going to run out of steam? Brandon Hamilton tells Julie-Anna Needham why coordinating the antitrust approvals are proving to be a headache for the companies.

Vodafone has had quite the year, announcing a deal with Liberty Global for its Eastern European assets, while reportedly also having caught the eye of activist fund Elliott. Will they push for share buybacks or perhaps a (partial) disposal of its towers assets? Samantha Tomaszczyk discusses what could be next for the telecoms giant.

No one is safe from activist investors, or so Elliott Advisors would have European companies believe. The US-based fund was recently revealed to have built a stake in Vodafone Group. What they might want is still a mystery, but it is likely the global telecoms group's many minority interests and broad geographical portfolio could be targeted. Much of the action this year has revolved around de-conglomerisation, with activists Cevian and Elliott at Thyssenkrupp and Sherborne Investors at Barclays pushing for streamlined structures. Could GSK be next? So far, the often more aggressive US funds have opted for a gentler approach in Europe, but as companies are getting more proactive and as defence strategies are getting more sophisticated, the gloves could increasingly come off. UniCredit's Mustier at least is confident his military background will serve him well in fending off Caius Capital's attempt to force the conversion of EUR 3bn of financial instruments into common stock. Kat Van Hoof gets the lowdown on activist antics and campaigns from Activistmonitor Assistant Editor William Mace.

The unstoppable trend of craft beer has seen major brewers - such as Heineken, Kirin and AB InBev - muscle in on the action. But getting in to bed with "big beer" poses a dilemma for small brewers who value their independence, with some opting for private equity investment instead. Over a few beers, Julie-Anna Needham discusses the matter with John West and Deane McRobie

In this week’s Dealcast¸ the exceptional M&A cycle is discussed with Greenhill’s UK head, Pieter-Jan Bouten. Mega deals are set to continue with both boards and investors displaying an extraordinary level of confidence in pursuing transactions and accelerating growth, according to Bouten. Strong activity in the TMT sector is set to continue, driven by technology and the importance of companies such as Facebook, Amazon and Netflix.

Famed for its association with James Bond, the luxury British car-maker Aston Martin is eyeing a London listing later this year. The owners are reportedly hoping for a valuation of between GBP 4bn and GBP 5bn. But investors have questioned that valuation and queried how closely it can be compared to Ferrari, which has seen its share price jump by some 160% since listing in 2016. Julie-Anna Needham speaks to Katrien Van Hoof and Swetha Gopinath.

Long-rumoured break-up candidate Smiths Group recently confirmed talks about combining its medical division with ICU Medical. Could it be the trigger that leads to a break-up of the remaining divisions? Meanwhile, at Uniper’s AGM, a key vote has been delayed on the probe into the role of management and whether they tried to block a stake sale to Fortum. We discuss what it means for the deal. With Julie-Anna Needham and William Cain.

European banking deals are the discussed this week. Barclays' rumoured tie-up with Standard Chartered is making headlines, while Clydesdale has just over a week before it needs to make a firm bid for Virgin Money. In Denmark, Ringjobing Landbobank has secured the backing of major shareholder previous rival for its deal with Nordjyske. With Julie-Anna Needham and Gustav Sandstrom

Two complicated relationships are discussed in this edition of Dealcast. Vodafone has bid for some of Liberty Global’s European assets. The companies' on/off relationship has led them to being compared to Ross and Rachel from Friends. So can they go the distance this time? Comcast’s rumoured bid for Twenty-First Century Fox to rival that of Disney is also examined. Who will succeed, and how will the Murdochs protect their legacy? With Julie-Anna Needham and guest Samantha Tomaszczyk