From Breakingviews: Domino’s Pizza is benefiting from lockdowns, as the appeal of cheap comfort food delivered to the door has gone up
The U.S. Capitol dome is pictured ahead of a vote on the additional funding for the coronavirus stimulus economic relief plan, amid the coronavirus disease outbreak in Washington, U.S., April 21, 2020. REUTERS/Tom BrennerANTI-MERGER MANIA. Congressman David Cicilline, head of the U.S. House antitrust subcommittee, wants the next coronavirus aid package to include a ban on deals except for failing or bankrupt companies.
Not that he’s being scientific about the quantum of the cut. Halving it, he says, just felt fair. It means, though, that Moelis – who holds two-thirds of the company’s votes – is abandoning his longer-term ambition of joining the dividend aristocrats, those 60-odd members of the S&P 500 Index including Coca-Cola and Exxon Mobil that raised their payout at least 20 years on the trot. Maybe some clubs are no longer worth joining.
NOT SO WIMPEY. British housebuilders are acting as guinea pigs for the ending of the Covid-19 lockdown. Taylor Wimpey plans to reopen its construction sites in early May having shuttered them in March amid worker concerns. The reopening makes sense given that the group’s order book expanded to 2.7 billion pounds by the end of last week.
The key question is therefore how much of its stake Canyon is looking to list on the public markets. Imagination is Canyon’s sole investment, and given the political backdrop it would be a surprise if any listing resulted in something other than Canyon remaining a majority shareholder. As Breakingviews argued, the UK government has limited grounds to intervene. But a relisting might aid transparency, which might ease UK lawmaker concerns.
NET BENEFIT. It has been game, set and match for most dealmaking, but Roger Federer has revived one good merger idea. With Grand Slam events and other tournaments idled during the pandemic, the tennis champ tweeted in favour of uniting the sport’s men’s and women’s organisations. There would be cost savings in marketing and shared data systems. A combination might also help scrub up some messy governance that includes a multitude of groups with varying oversight.
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