Word: minichiello
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...quite a cyclical and fashionable element involved," says HSBC's Russell. That's partly explained by the investment banks' need to make money regardless of market performance. "If you can't do the merger, do the spin-off. In bad times, the spin-off is the easier sell," Minichiello says. Management comes under pressure from investors to "do something," and the investment banks are there with the answer - get rid of an unloved unit. And if markets regain their stratospheric heights, it's a safe bet bankers will make mergers popular again. That's despite evidence that linkups usually...
...activity last year, up from 2.8% in 1999. In the same period, Europe's entire M and A market nosedived nearly 60%. "Europe is probably in the second inning of spin-off activity, while the U.S. is already in the sixth or seventh," says Mark C. Minichiello, principal at Spin-off Advisors in Chicago. "The trend in Europe is definitely picking up. There will be a lot more demergers." Indeed, companies as diverse as Diageo, Nestlé and Deutsche Telekom are contemplating at least partial separations from ill-fitting divisions...
...Minichiello of Spin-off Advisors says carve-outs enable parent companies to establish a division's market value, a particularly useful exercise if they plan to bail out of it altogether in a few years. Nestlé insists that it has no plans to sever all ties to Alcon, though analysts still expect the food giant to untether the eye-care group eventually. As for Deutsche Telekom, it won't be Europe's first long-distance operator to unload a wireless unit. British Telecom last year spun off mm02, and France Telcom floated a piece of its Orange mobile unit...
...They're dropping like flies," said Virginia M. Minichiello, nurse manager for the employee health service. "Just in today's one unit, we had four out of 10 assistants out, which is a pretty large percentage...
...Minichiello said the ailment was best treated by bed rest, frequent fluid intake and Tylenol for fevers and achiness...