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Despite backing from proxy advisory firms, the $4 bln bank is dropping its defence plan. Without support from Tokyo as a big owner to block it, SBI can now lift its stake to 48% and effective control. It’s a stark reminder of how exposed the country’s minority shareholders are.

Following its jumbo Malaysian merger, the Norwegian telecom operator plans to combine its Thai unit with a rival owned by conglomerate CP. There’s a 25% premium on offer to sell, but $2 bln of intended synergies from the first transaction suggest sticking around is a better call.

The U.S. president along with China, India, and other nations that consume about half the world’s crude will tap stockpiles. Despite banding together, these fossil fuel users will have less impact than OPEC in the near term. But striking such alliances makes sense longer term.

The Swiss lender picked Irishman Colm Kelleher to lead its board, while the German bank nominated Dutchman Alex Wynaendts. The former Morgan Stanley banker might bring some of the U.S. firm’s valuation magic to UBS. But M&A-hungry Deutsche could use more political heft in Berlin.

A group ultimately controlled by the state fund has floated a cash offer for Singapore Press, edging past a complex bid by conglomerate Keppel, of which Temasek also owns 21%. Topping a soft offer is fine but meddling in its holding’s M&A raises questions about the end goal.

The Australian casino operator can keep its local licence despite investigators labelling its breaches “illegal”. It smacks of too big to fail. Penalising investors, selling assets and burying the name, as JPMorgan’s boss suggested for bad banks, would be a better outcome.

Telstra is buying Digicel’s South Pacific arm in a deal designed to keep the business out of Chinese hands. Taxpayers Down Under will cover most of the $1.6 bln price tag. That helps protect shareholders, but it’s also a disconcerting mix of politics and private capital.

Rome balked at the UniCredit CEO’s request to inject 6 bln euros into state-owned Monte dei Paschi, ending M&A talks. The banker could still use a quarry to propel UniCredit shares. He can consider smaller Banco BPM, revisit MPS or look abroad. The best Plan B won’t be cheap.

CVC and Blackstone are eyeing a 7 bln euro deal for the telecom tycoon’s Iberian unit, Bloomberg reported. They could net a tidy return since it has already done the heavy lifting on fibre investment. A sale would give the Sotheby’s owner cash to fund a tilt at France’s Eutelsat.

The U.S. chip champion has dialed down ambitions to spend $20 billion this year to regain its manufacturing leadership, though stopped the bleeding at one of its core businesses. There is a long way to go, and Intel needs to regain credibility on delivering its promises.