Good morning everyone. While you were sleeping, Greek debt talks fell apart for the infinitieth time, Chinese firms pulling a Snake Plissken and escaping New York are fueling arbitrage bets in the U.S., and Rupert Murdoch is said to be handing over his media empire to his son, James.
Here’s a few more things you need to know before the opening bell:
Insider selling in China ramps up as price multiples go sky-high. Insiders in Chinese firms sold three times more shares in May than in April – the most this year – as company managers and cornerstone investors cash out amid fears that the nation’s roaring stock market is about to top. Reuters
Survey says: China looks like the top spot for M&A this year. According to a CFO survey compiled by Bank of America Merrill Lynch, China looks to be Asia’s number one M&A target this year, toppling South East Asia who held the top spot in 2014. This comes after Chinese merger and acquisition activity surged a record 89% last year. MarketWatch
Chinese firms “escape from New York” fuels takeover arbitrage bets. As valuations in China’s equity market continue to shoot up, more New York-listed Chinese firms are taking their company’s private in favor of relisting in their homeland, fueling arbitrage bets on which one will be next. Bloomberg
Rupert Murdoch to hand over power to son James. Arguably the most powerful person in media, Rupert Murdoch is apparently in the process of handing over the reins of 21st Century Fox to his son James, and is also expected to elevate his other son, Lachlan, to co-executive chairman of the media juggernaut. Murdoch, the world’s closest thing to an Ian Fleming character, will remain in the company as executive chairman. The New York Times
Petraeus calls cyberattacks an “enormous” threat to national security. Retired Army General, former C.I.A. director, and current K.K.R. Global Institute chairman David Petraeus called the recent cyberattacks against the U.S. an “enormous” threat to national and economic security, adding that “(t)his is a big, big challenge to our country.” Bloomberg
Greek debt talks fall apart for the 87,428th time. Talks between Greece and its creditors fell apart after just 45 minutes, leading the Euro to dive 0.4% against the Dollar early morning in Japan. The next round of talks are expected to be on the 18th in Luxembourg. Bloomberg
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