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Most acquisitions destroy value for shareholders over the longer term.
Irresponsible agents with lopsided incentives can destroy value with anything.
But boards have too often sanctioned programs that destroy value.
And entrepreneurs are developing disruptive technologies that will create and destroy value.
"Splitting up can destroy value," Bewkes reportedly told an investor in one meeting.
Otherwise we would destroy value and that is the opposite of what we aim for.
Indeed, sometimes it's entirely rational to destroy value in this manner.
So the main result might be to destroy value at Petrobras.
And of course, there is still the question of whether these provisions create or destroy value.
Since Softbank's flotation in 1994, its ability to destroy value has been prodigious.
A rule of thumb is that half of all deals destroy value for the acquirer.
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