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The Chinese asset manager lost $16 bln last year and its indebted offshore subsidiary is still bleeding. A planned state-led restructuring will give creditors relief but dilute equity investors. The stock, down 75% in three years before being halted, is due further correction.

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The state is selling 35% of Íslandsbanki, formerly known as Glitnir, which failed in 2008. Its funding, size and asset mix are a far cry from the racy pre-crisis days, when the country’s banking assets hit 10 times GDP. A $1.5 bln price tag looks cheap compared with peers.

Beijing is trying to slow a blistering rally reinforced by foreign capital. The currency’s strength has yet to dent China’s goods surplus, but it could further saddle U.S. consumers with higher prices. That puts pressure on the White House to cut tariffs without losing face.

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Italy’s Ali Group is barging into America’s fast-food kitchens with gusto, throwing down $3.3 bln in cash to upset Welbilt’s agreed sale to Middleby. It’s a spicy move for an unlisted, virtually unknown family firm without fancy corporate-finance tools. And it just may work.

Battles like Blackstone’s for Crown, Betmakers’ for parts of Tabcorp and KKR’s for PEXA position Australia for a bumper year of contested M&A. Plentiful money and growth in buyers, bankers and bravado all play a role. A two-sided, 16-bid fruit-farm fight already portends excess.