A sweet deal for Roark Capital, which is investing in The Cheesecake Factory. Plus: How the opacity of Italian corporate appointments may grow worse. Read concise views on the pandemic’s corporate and financial fallout here
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.Restaurant chain The Cheesecake Factory secured a $200 million investment from Roark Capital, as U.S. rivals took government money instead. The company, whose shares have more than halved in two months, has secured roughly a year’s worth of operating cash flow, without White House help.
The topping on the cheesecake is that Roark took its name from the protagonist of “The Fountainhead,” one of Wall Street favorite Ayn Rand’s most famous novels. Rand passionately believed the best things happen when the government keeps its hands off business. She would have found this dish very much to her taste. Political horse-trading is a top sport for Italian corporate appointments. Rome used behind-closed-doors deliberations to renew board members at large state-controlled groups.
That largely mirrors the sentiment at rival Rio Tinto, which also pointed to strong demand from Chinese steel mills. It also helps that, barring a second wave of Covid-19 infections, Beijing may be readying more infrastructure spending and other stimulus measures to revive the economy. Supply disruptions from Brazil and other regions also bode well for the Anglo-Australian duo. The hot streak looks set to continue.
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