Deutsche Börse Seizes Opportunity in Euronext's Leftovers, Reports Breakingviews
Deutsche Börse's Bid: Deutsche Börse has launched a €5.3 billion bid for Allfunds, a funds distribution business, which is similar to a previous offer made by Euronext but with a slightly higher valuation.
Allfunds' Market Position: Allfunds has struggled since its listing, with shares losing over half their value due to market volatility and high interest rates, making it a target for acquisition.
Potential for Synergies: Deutsche Börse could benefit from synergies by combining its existing distribution business with Allfunds, potentially leading to significant cost savings.
Regulatory Scrutiny: Any acquisition will likely face scrutiny from the European Commission due to the consolidation of two major players in the European funds distribution market.
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- Wealth Creation Equalization: Coinbase CEO Brian Armstrong emphasized that cryptocurrency and tokenization technologies will provide wealth creation opportunities for billions globally, asserting that this will create a 'level playing field' for wealth generation.
- Tokenization Market Growth: According to RWA.xyz, the total market for tokenized U.S. treasuries has surged to $10.10 billion, indicating a sustained industry focus on asset tokenization, particularly with BlackRock's BUILDL fund gaining popularity.
- Stablecoin Market Size: Stablecoins, viewed as tokenized versions of fiat currencies, boast a total market capitalization of $314 billion, reflecting the increasing significance of crypto assets in traditional finance.
- Regulatory Challenges: Despite the market's vast potential, Armstrong pointed out that Coinbase withdrew support for the Senate Banking Committee's crypto market structure bill due to a clause prohibiting on-chain stocks, urging Congress to ensure a fair competitive environment.
- Wealth Distribution Issues: BlackRock CEO Larry Fink highlighted at the Davos World Economic Forum that the uneven distribution of wealth following the Cold War has led to declining trust in institutions, stressing the need for broader wealth sharing to avoid repeating past mistakes.
- AI Challenges: Fink warned that early gains from AI are primarily accruing to owners of models, data, and infrastructure, calling for credible plans to ensure more people can participate in the economic growth driven by AI.
- Evolution of Capitalism: He asserted that capitalism must evolve to include more individuals in economic growth rather than leaving them as spectators, emphasizing that this transition is particularly challenging in today's competitive ideological landscape.
- Pensions and AI Investment: Fink noted that ensuring long-term savers benefit from AI investments is crucial for widening participation, emphasizing that pensions and retirement savings can connect workers to the growth of AI infrastructure.
- Market Rebound: Bitcoin (BTC) hovered around $70,000 on Monday after last week's sharp sell-off, down approximately 44% from its all-time high of over $126,000 set last October, indicating fragile market confidence.
- Analyst Insights: Bernstein analyst Gautam Chhugani noted that the current price action is merely a crisis of confidence, asserting that the 'bear case for Bitcoin is the weakest in its history,' and he anticipates Bitcoin reaching a target of $150,000 by year-end.
- ETF Outflow Situation: Despite a 50% correction in Bitcoin prices last week, spot ETFs experienced only a 7% outflow, suggesting that investor confidence in Bitcoin's long-term potential remains intact, which could lead to a recovery in investments.
- Quantum Computing Risk: Chhugani stated that while quantum computing poses a potential threat to Bitcoin's encryption, this risk is not imminent, and the blockchain is well-positioned to adapt, supported by major players like Strategy, BlackRock, and Fidelity.

- Announcement of Completion: BlackRock has announced the completion of certain municipal reorganizations.
- Adoption of New Program: The company has also adopted a discount management program aimed at enhancing efficiency.
- Increased Pressure on Software Sector: The introduction of new AI tools by Anthropic has triggered a sell-off in software data provider shares, intensifying uncertainty in the private credit market, particularly regarding lending risks to software companies.
- Decline in Asset Management Stocks: Ares Management fell over 12%, Blue Owl Capital dropped more than 8%, and KKR and TPG saw declines of nearly 10% and 7%, respectively, reflecting investor concerns about AI's potential impact on cash flows and default risks.
- Rising Default Risks: UBS Group has warned that in an aggressive disruption scenario, default rates in U.S. private credit could rise to 13%, significantly higher than the projected stress for leveraged loans and high-yield bonds, estimated at 8% and 4%, respectively.
- Liquidity Issues Intensified: Although strains in private credit predate AI concerns, Jeffrey C. Hooke noted that existing liquidity and loan extension issues have been exacerbated by recent developments, adding new challenges to an already pressured sector.
- Institutional Investment Surge: Vanguard Group added 1.2 million shares in December, a 2.5% increase; BlackRock raised its stake by 6.9% as of September 30, 2025, while Bank of America and Morgan Stanley increased their positions by 9.8% and 11.21%, respectively, indicating strong institutional confidence in UiPath.
- Significant Revenue Growth: In Q3 of fiscal 2026, UiPath reported revenue of $411 million, a 16% year-over-year increase, with annual recurring revenue (ARR) hitting $1.78 billion, up 11%, showcasing robust performance in the SaaS sector.
- Expanding Customer Base: The number of customers with ARR over $100,000 grew by 12% to 2,506, while those exceeding $1 million increased by 10% to 333, reflecting UiPath's appeal and market penetration among high-value clients.
- Strong Cash Flow and Debt Position: The company saw free cash flow rise by 8.2% to $25.11 million, with a net cash position of $744.1 million and total debt of only $82 million, indicating solid financial health despite not yet achieving net profitability, suggesting strong future growth potential.










