Breakingviews

The likely GOP nominee for U.S. president boasts of his huge financial disclosure, while JPMorgan owners miss a trick in snubbing a study on splitting the lender. Plus: activist Keith Meister hits the right note in calling for a sale of struggling online music streamer Pandora.

The German bank is probing a deal that enabled ex-trading boss Colin Fan and others to profit, with leverage provided by their own employer. The investigation is ongoing. But it looks to have similar flaws to Barclays’ Protium deal - with staff interests above shareholders’.

Oil Search’s offer to buy InterOil is canny and opportunistic. The buyer will only pay later for future gas discoveries. An agreement to sell a big chunk straight on to France’s Total also cuts the chance of a rival bid. It leaves InterOil investors with an unattractive choice.

The Wall Street firm’s analysts moved the carmaker to “buy” just before its bankers took a role in a $1.7 bln stock sale. It smells bad - and watchdogs will surely take a look - but there are plenty of mitigating factors. This may just be Chinese walls working as intended.

Bayer’s bid for the U.S. seed maker puts its German rival on the spot. Monsanto and BASF work together on research and there are few other potential merger partners. Yet the maths of a $50 bln-plus counterbid would be a stretch. BASF has sat out other big deals; it can again.

The Chinese gaming giant warned a slowing economy may clip its fast-growing advertising business. But soaring revenue from mobile games, which topped $1.3 bln in the first quarter, cushions the blow. Besides, unlike rivals Alibaba and Baidu, Tencent relies less on ad dollars.

Big banks are infamous for lobbying against swathes of financial reform. Of late, though, they’ve cut back. Now they’re actively pushing congressional GOP bigwig Jeb Hensarling to ditch a bill to repeal Dodd-Frank. Fears of a public backlash are staying their hand – for now.

The 36 pct premium Midea may offer for German robot maker Kuka is frothy. There are no cost synergies, the suitor doesn’t seek control, and governance could be messy. Yet unless Kuka can find a white knight, minority shareholders have every reason to take the Chinese cash.

The plane-leasing group is taxiing towards a $1.1 bln offering. Being under Bank of China’s wing means cheaper funding and better returns than standalone rivals. Yet the premium valuation is only justified if the state-backed parent remains willing and able to act as a backstop.

In an interview with Breakingviews, Republican Bruce Rauner challenged a pervasive belief in markets that governments can always just raise taxes to plug deficits. The issue resonates beyond his state’s $140 bln fiscal mess. Debt investors have neglected to focus political minds.