Despite insistence from HP Chief Executive Carleton Fiorina Carleton Fiorina that the deal is about much more than PCs, analysts agree the merger raises its exposure to the flattening, thin-margin market.
AMONG the risks Mr. Fisher identified was a shrinking pool of prospective tenants looking to lease more than 100,000 square feet of space; the likelihood that Philadelphia will not repeat the stellar pace of 1999 and the constant exposure to mergers and acquisitions, which might open up space in otherwise fully rented buildings.
Julian Hardwick of Royal Bank of Scotland said: While a Colgate tie-up would carry several attractions for Reckitt given the complementary products and Colgate's developing and emerging market exposure, structuring a merger to satisfy all parties looks challenging.
Such a merger could help reduce Viacom's exposure to those risks, but no deal seems to be on the immediate horizon.
Coulter, as the story went, had told his merger partner the bank had no exposure to hedge funds.
As recently as last fall, Wachovia was seen as a potential savior, particularly for Merrill Lynch, which is said to have approached it about a merger as the losses mounted on its exposure to credit derivatives.
They all want cost-cutting mergers, but any combination also multiplies the exposure to Greek sovereign debt, which will bring write-downs after the latest bailout, agreed to in July, is completed.
Following the merger, Swiss Bank managers were surprised to discover the massive exposure to LTCM at UBS.
Some merger-minded utilities are shedding assets to lower their exposure to such rules.
The bank's large exposure to the loan is a result of the merger of J. P. Morgan and the Chase Manhattan Corporation in December.
