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Johnny Sexton's 83rd-minute drop-goal was one of the best strikes of a ball I've ever seen.

It was the perfect execution, under massive pressure, and in some of the most awful conditions you could possibly imagine. But it only becomes important if Ireland win something.

If they win the Grand Slam or the championship this year it will go down as one of the great sporting moments in Six Nations' history.

If they don't, it's just a drop-goal that won a game and it becomes another statistic.

Until that moment it was a boring, forgettable match. We saw so many line-breaks in Wales against Scotland but Ireland didn't manage a single one in Paris, and there was no punch to their attack.

After 41 phases at the death, France's discipline in defence had left Ireland with no other option, they had to rely on Sexton hitting that drop-goal.

Ultimately, the game in Paris showed how difficult it is to win away from home in the Six Nations. But Ireland won, and they won't dwell on it.

Sexton was the only option

The drop-goal came after 41 phases of rugby, and through every single phase there were two thoughts - will Ireland make a mistake, or are France going to give away a penalty?

At one stage, Sexton was down on the floor with cramp and I thought the game was gone. Who else was going to come in and kick the drop-goal?

But it came to the point where Sexton just thought, 'France aren't going to give away a penalty, my boys are getting tired, this is it. It's now or never.'

I thought it was too soon, but he struck it so sweetly and at pace. It hung for so long I wasn't sure if he had put enough power into it. But then I saw the French turn around to follow it, I saw their heads drop and then Sexton was thumping the air.

In Sexton's post-match interview he said he felt a mistake was going to come from his side rather than the French giving away a penalty. The home side were so incredibly disciplined, so he just went for it there and then.

From that distance, I think any kicker would be happy with a 50% success rate. In those conditions, he could have hit another nine and missed.

One night in Durban

An instinctive player feels and sees a moment. You do what your gut tells you. On the 1997 Lions tour of South Africa, I also hit a drop-goal to win a game, one of only three in my 73 Tests.

But it wasn't the last kick of the game, and it wasn't from 45 metres out.

It was the 76th minute, the game was at 15-15, and I think everybody in our Lions side was pretty much down. We weren't as fit as the boys are today.

Scotland head coach Gregor Townsend, our fly-half at the time, had taken the ball into contact and there was only me left. Everybody else had gone, there was no other option. Austin Healey was outside me and he would have been shouting for the ball, but there was no way he was going to get it.

I knew it was coming to me, it wasn't going to anyone else. I was in the fly-half position and so close to the posts, so given that opportunity, I was always going for the drop-goal. As a kid you close your eyes, swing your foot and hope it goes over. But, as a professional, you have to knock it over.

Springboks captain Gary Teichmann knew what I was going to do, I knew what I was going to do, and pretty much everybody there knew what I was going to do, but to stop it is very difficult. You don't think about anything when you get the ball. I just got the pass off Matt Dawson with one thing on my mind.

When Sonja McLaughlin asked Sexton after the game what he was thinking about, he went back to a game two years ago in Treviso. If he really did think about that then wow, that's some memory recall.

Ireland struggle against heroic defence

The game in Paris, after such a spectacle in Cardiff, was struggling to keep me awake and struggling to keep my attention, until Teddy Thomas' try in the 71st minute and Sexton's drop-goal.

Ireland looked to be winning the game comfortably. They dominated territory, they dominated possession, but they couldn't score a try. Where was the inventiveness? Where was the creation? Where were their dynamic runners? Did they think France were just going to lie down and let them run through them?

Joe Schmidt is renowned for constructing an individual gameplan for each game. But Ireland went there thinking the French side would crumble, crack and break.

The fitness of the French, and their heroic defence, definitely surprised Ireland. With eight minutes to go, I thought France would give away a penalty but their discipline in those 41 phases was absolutely superb.

There was nothing inspiring about Ireland's rugby. They will have to work this week on finding a way to make the most of that territory and possession and how they can make space for the likes of Jacob Stockdale, Keith Earls and Rob Kearney. They never managed to create enough quick ball to really get runners on to it and there was no punch to their attacking game.

But Sexton's drop-goal will be remembered until next week, when the Six Nations produces another moment of brilliance.

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Six Nations: Jeremy Guscott on Johnny Sexton's last-gasp drop-goal for Ireland

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Johnny Sexton's 83rd-minute drop-goal was one of the best strikes of a ball I've ever seen. It was the perfect execution, under massive pressure, and in some of the most awful conditions you could possibly imagine. But it only becomes important if Ireland win something.

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Global Mergers and Joint Ventures - Lesson worksheets

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Time for a Brew?

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Anheuser-Busch InBev has agreed the terms of its £71bn takeover of rival SABMiller, in a deal that will combine the world's two largest beer makers.

AB InBev, the maker of Budweiser, will pay £44 for each share in SABMiller, the price it offered on 13 October.

To clear the way for the takeover, SABMiller is to sell its 58% stake in its US joint venture MillerCoors.

It is selling the stake to its main partner in the business, Molson Coors, for $12bn (£7.9bn).

'More choices'

The newly-created firm will produce about 30% of the world's beer. AB InBev's brands include Stella Artois and Corona, while SABMiller produces Peroni and Grolsch.

"Our combination with SABMiller is about creating the first truly global beer company and bringing more choices to beer drinkers in markets outside of the US," said Carlos Brito, chief executive of AB InBev.

SABMiller has a workforce of close to 70,000 people in more than 80 countries, and global annual sales of more than $26bn. AB InBev has a workforce of 155,000 and global revenues of more than $47bn.

The two firms are predicting cost savings of at least $1.4bn a year.

Global market share of five biggest beer companies

Anheuser-Busch InBev - 20.8%

SABMiller - 9.7%

Heineken - 9.1%

Carlsberg - 6.1%

China Resources Enterprise - 6%

Source: Euromonitor, based on 2014 figures

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Anheuser-Busch InBev has agreed the terms of its £71bn takeover of rival SABMiller, in a deal that will combine the world's two largest beer makers. AB InBev, the maker of Budweiser, will pay £44 for each share in SABMiller, the price it offered on 13 October.

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Advantages of this Merger?

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The tie-up between Glaxo Wellcome and SmithKline Beecham is the UK's largest corporate merger and, as BBC News Online reports, signals a new round of consolidation in the world's pharmaceutical industry.

UK firms Glaxo Wellcome and SmithKline Beecham say they will link up to become the world's biggest drugs group - but warn that job losses will be inevitable.

Culture clash: The risk of mergers

Glaxo Wellcome: Looking for the next blockbuster
Britain's most profitable pharmaceutical company is desperately in need of a new bestselling drug to repeat the success of its Zantac ulcer treatment.

SmithKline Beecham: From drugs to Lucozade
It's one of the world's leading makers of prescription medicines, but a hefty chunk of its profits comes from non-medical products like toothpaste and nutritional drinks.

The merger's troubled history
The merger of SmithKline Beecham and Glaxo Wellcome has been tried before - and failed after the two chief executives could not agree who would run the new company.

Drug giants scrap merger (24 Feb 1998)

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bbc news world uk international foreign british online service

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BBC News | BUSINESS | The Glaxo SmithKline merger

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The tie-up between Glaxo Wellcome and SmithKline Beecham is the UK's largest corporate merger and, as BBC News Online reports, signals a new round of consolidation in the world's pharmaceutical industry. UK firms Glaxo Wellcome and SmithKline Beecham say they will link up to become the world's biggest drugs group - but warn that job losses will be inevitable.

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Dominating rationale for this Merger

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H.J. Heinz Company and Kraft Foods Group, Inc. announced that they have entered into a definitive merger agreement to create The Kraft Heinz Company, forming the third largest food and beverage company in North America with an unparalleled portfolio of iconic brands.

Under the terms of the agreement, which has been unanimously approved by both Heinz and Kraft's Boards of Directors, Kraft shareholders will own a 49% stake in the combined company, and current Heinz shareholders will own 51% on a fully diluted basis. Kraft shareholders will receive stock in the combined company and a special cash dividend of $16.50 per share. The aggregate special dividend payment of approximately $10 billion is being fully funded by an equity contribution by Berkshire Hathaway and 3G Capital.

The proposed merger creates substantial value for Kraft shareholders. The special cash dividend payment represents 27% of Kraft's closing price as of March 24, 2015. Also, by continuing to own shares of the new combined company, Kraft shareholders will have the opportunity to participate in the new company's long-term value creation potential.
Global Brand Portfolio Powerhouse
The combination of these iconic food companies joins together two portfolios of beloved brands, including Heinz, Kraft, Oscar Mayer , Ore-Ida and Philadelphia . Together the new company will have eight $1+ billion brands and five brands between $500 million and $1 billion. The complementary nature of the two brand portfolios presents substantial opportunity for synergies, which will result in increased investments in marketing and innovation.

Alex Behring, Chairman of Heinz and the Managing Partner at 3G Capital, said, "By bringing together these two iconic companies through this transaction, we are creating a strong platform for both U.S. and international growth. Our combined brands and businesses mean increased scale and relevance both in the U.S. and internationally. We have the utmost respect for the Kraft business and its employees, and greatly look forward to working together as we integrate the two companies."

Warren Buffett, Chairman and CEO of Berkshire Hathaway said, "I am delighted to play a part in bringing these two winning companies and their iconic brands together. This is my kind of transaction, uniting two world-class organizations and delivering shareholder value. I'm excited by the opportunities for what this new combined organization will achieve."

"Together we will have some of the most respected, recognized and storied brands in the global food industry, and together we will create an even brighter future," said John Cahill, Kraft Chairman and Chief Executive Officer. "This combination offers significant cash value to our shareholders and the opportunity to be investors in a company very well positioned for growth, especially outside the United States, as we bring Kraft's iconic brands to international markets. We look forward to uniting with Heinz in what will be an exciting new chapter ahead."

"We are thrilled about the unique opportunities this merger will create for our consumers worldwide, as well as our employees and business partners. Together, Heinz and Kraft will be able to achieve rapid expansion while delivering the quality, brands and products that our consumers love," said Bernardo Hees, Heinz Chief Executive Officer. "Over the past two years, we have transformed Heinz into one of the most efficient and profitable food companies in the world while reinvesting behind our key brands and continuing our relentless commitment to quality and innovation."
Management and Governance
When the transaction closes, Alex Behring, Chairman of Heinz and the Managing Partner at 3G Capital, will become the Chairman of The Kraft Heinz Company. John Cahill, Kraft Chairman and Chief Executive Officer, will become Vice Chairman and chair of a newly formed operations and strategy committee of the Board of Directors.

Bernardo Hees, Chief Executive Officer of Heinz, will be appointed Chief Executive Officer of The Kraft Heinz Company. The new executive team for the combined global company will be announced during the transition period, but no later than transaction closing.

The Board of Directors of the combined company will consist of five members appointed by the current Kraft Board, as well as the current Heinz Board, including three members from Berkshire Hathaway and three members from 3G Capital.
Long-Term Ownership
3G Capital and its principals have a proven track record of investing in and growing iconic brands. In previous transactions over the years, 3G has partnered with other long-term investors to build significant shareholder value by driving innovation and growth and expanding the international reach of its companies and brands.

Berkshire Hathaway and 3G Capital have a history of successful partnerships and are committed to long-term ownership of The Kraft Heinz Company as it strengthens its leadership position in the industry.
Commitment to Communities
The Kraft Heinz Company will be co-headquartered in Pittsburgh and the Chicago area.

Understanding the need to preserve both Heinz and Kraft's heritage in their respective hometowns of Pittsburgh and the Chicago area, the new company is committed to supporting local charities and community relationships in the communities in which they operate.
Structure, Terms and Synergies
Existing Heinz shareholders will have a 51% ownership stake in the combined company, and existing Kraft shareholders will have a 49% ownership stake on a fully diluted basis. Each share of Kraft will be converted into one share of The Kraft Heinz Company.

The significant synergy potential includes an estimated $1.5 billion in annual cost savings implemented by the end of 2017. Synergies will come from the increased scale of the new organization, the sharing of best practices and cost reductions.

The transaction is expected to be EPS accretive by 2017. Once the transaction is complete, The Kraft Heinz Company plans to maintain Kraft's current dividend per share, which is expected to increase over time. Kraft has no plans to change its dividend prior to closing.

The special cash dividend of $10 billion in the aggregate to existing Kraft shareholders will be paid upon closing and will be funded by an equity investment by Berkshire Hathaway and 3G Capital. Shares of the company will continue to be publicly traded.

As the cash consideration is fully funded by common equity from Berkshire Hathaway and 3G Capital, the merger is not expected to increase the debt levels of The Kraft Heinz Company. The Company is fully committed to deleveraging in a timely manner and to maintaining an investment grade rating going forward.
Approvals
The transaction is subject to approval by Kraft shareholders, receipt of regulatory approvals and other customary closing conditions and is expected to close in the second half of 2015.
Advisors
Lazard served as exclusive financial advisor for Heinz, and Cravath, Swaine & Moore and Kirkland and Ellis acted as legal advisors.

Centerview Partners LLC served as exclusive financial advisor for Kraft, and Sullivan & Cromwell acted as legal advisor.

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H.J. Heinz Company & Kraft Foods Group Agree Merger To Form The Kraft Heinz Company

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H.J. Heinz Company and Kraft Foods Group, Inc. announced that they have entered into a definitive merger agreement to create The Kraft Heinz Company, forming the third largest food and beverage company in North America with an unparalleled portfolio of iconic brands.

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Why did these two merge?

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Paddy Power and Betfair have agreed on a £5bn merger to create one of the world's largest online gambling businesses, with more than 7,000 staff and £1.2bn in sales.

The companies confirmed details of the tie-up after revealing the plans last month, marking the latest in a string of deals in the betting industry as it faces new taxes on online gambling and the need to invest in marketing and technology.

The combined group - to be called Paddy Power Betfair - will have its headquarters in Dublin and is set to maintain a "significant presence" in the UK and Ireland.

The company will continue to run separate brands in the UK, Ireland and Italy after the merger, which will see Paddy Power shareholders own 52% of the combined business, with Betfair investors owning the remaining 48%.

But the firms warned of job losses under plans for about £50m in annual cost savings after the merger.

They said while no decisions had been taken, there was potential for cutbacks in some operational and support functions, which "may involve some headcount reduction".

The deal - dubbed "Betty Power" in the industry - will bring together Paddy Power's 336 shops in the UK and 252 stores in Ireland with Betfair's online betting exchange.

About 80% of their combined annual revenues will be from online business, making it a force to be reckoned with in the gambling sector as it increasingly moves online.

Gary McGann, the chairman of Paddy Power, said: "The merger of Paddy Power and Betfair will create a company of world-class capability and people who will deliver substantial up-front synergies and a platform for very exciting business expansion."

Gerald Corbett, the chairman of Betfair, added the deal made "huge strategic sense by bringing together two industry-leading and successful businesses and providing enlarged scale, capability and distinctive, complementary brands".

Consolidation in the gambling sector has been heating up over the past few months, with rivals Ladbrokes and Gala Coral agreeing a merger in July to create a £2.3bn gambling giant, which is expected to overtake the UK's biggest bookmaker, William Hill.

The move will bring together 2,100 shops from Ladbrokes and 1,845 from Coral, although the deal is conditional on approval from the Competition and Markets Authority.

And FoxyBingo owner bwin.party last week backed a £1.1bn cash-and-shares offer from Sportingbet owner GVC after a protracted takeover tussle.

Paddy Power Betfair will be listed in the UK and Ireland and will be headed by the Betfair chief executive, Breon Corcoran. He was previously chief operating officer at Paddy Power until he joined Betfair three years ago.

The merged group will have customers from more than 100 countries, with aims for further international expansion across continental Europe, the US and Australia.

The firms confirmed Paddy Power shareholders will receive a special dividend of €80m (£58m). Shareholders are expected to vote on the deal in December, with the merger due to complete in the first quarter of 2016.

Paddy Power was founded in 1988 by the merger of three existing Irish bookmakers and it has become well known for its irreverent marketing style. Its rapid growth in recent years has seen it build more than 300 betting shops in Ireland and the UK, and it now ranks as the third largest online bookmaker and sixth largest online gaming business in Britain and Ireland.

Betfair comes from a newer side of the bookmaking fence. In 1999, professional gambler Andrew Black and City professional Edward Wray joined forces to form The Sporting Exchange, which went on to launch the Betfair Betting Exchange the following year, offering the market something of a revolution.

Its first market was the Epsom Oaks in 2000, but the new approach to gambling quickly took off by giving punters the chance to make bets against each other and subsequently bet in play.

Betfair floated on the London stock exchange in 2010.
Topics

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Paddy Power and Betfair have agreed on a £5bn merger to create one of the world's largest online gambling businesses, with more than 7,000 staff and £1.2bn in sales. The companies confirmed details of the tie-up after revealing the plans last month, marking the latest in a string of deals in the betting industry as it faces new taxes on online gambling and the need to invest in marketing and technology.

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What are the reasons behind this merger?

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Carphone Warehouse and Dixons have agreed a £3.8bn "merger of equals" to create an electricals retailer selling phones to fridges, and offering service and support alongside a multitude of gadgets.

With 3,000 stores and sales of almost £11bn, the new company, called Dixons Carphone, will bring the household names Currys, PC World and Carphone Warehouse under one umbrella.

The combined entity plans to do more than just sell phones, computers and household appliances. It aims to branch into domestic heating, lighting and security services - all controlled by mobile phone.

Carphone and Dixons said the merged company would benefit from greater buying power, extra growth options and annual savings of at least £80m within three years.

It also hopes to retail the combined broadband, pay TV and phone services offered by operators such as BT and Virgin, and to take commissions from supermarkets or music services for pre-installing their apps on smartphones.

Using Carphone's Geek Squad tech support teams, Dixons Carphone aims to stand alongside road rescue groups the AA and RAC as "an emergency service for the connected world", according to Harrison. The promise is for an end-to-end service, from sales to set-up advice, service, insurance, repairs and recycling.

Dixons and Carphone shareholders will each own 50% of the combined group under the deal, and Carphone concessions will be built into every Dixons outlet.

In a leadership compromise, Carphone's chairman and founder, Sir Charles Dunstone, will lead a 14-strong board that also includes two deputy chairmen, a chief executive, a deputy chief executive and a senior non-executive director. Dixons' boss, Sebastian James, will be chief executive, while Andrew Harrison of Carphone Warehouse becomes his deputy.

"This is a genuine merger of equals founded on core strategic principles rather than straight cost cuts," said James, presenting the merger deal at London's Shard skyscraper on Thursday. "We do things that are so adjacent that it makes sense to come together. Our markets are converging, and we are converging."

The companies first announced their merger talks in February, although informal discussions about a possible tie-up began four years ago.

Dunstone said: "We see the merger of these two great companies as an opportunity to bring our skills together for the consumer and create a new retailer for the digital age."

But both companies are grappling with structural changes as sales move online. Amazon has squeezed margins at Dixons, while the recent arrival AO.com, formerly Appliances Online, has just announced it will branch out from its white goods heartland into selling televisions as football fans install bigger screens in preparation for this summer's World Cup in Brazil.

Electricals retailers are in danger of following book and record stores into high street oblivion. Comet was recently pushed into receivership, while Carphone's short-lived attempt to sell electricals with Best Buy ended in failure.

Meanwhile, mobile networks would like to sell more through their own shops and so pay less commission to Carphone, and Apple does very well selling phones through its retail spaces.

One independent analyst, Louise Cooper, at CooperCity was unimpressed with the deal: "Two past-their-sell-by-date retailers merging does not an Amazon make." She also criticised the top-heavy leadership structure, saying: "The board is beginning to look as unwieldy as that of Co-op. Executives are not leading from the front. Mostly they are retaining their jobs. That is the wrong message to the workforce."

Investors appeared to agree, sending shares in both firms plummeting, with Dixons down nearly 10% to 46p a share, and Carphone down more than 7% to 303p.

"Concerns remain that the emphasis on equality in the merger may be masking indecision over who should take charge," said David Alexander at the retail researcher Columino.

The companies said they would cut about 2% of their combined workforce to reduce costs but that they would add 4% to exploit growth opportunities, leading to a net 2% increase in staff.

Under the terms of the merger, Dixons shareholders will receive 0.155 of a new Dixons Carphone share in exchange for each Dixons share. Dunstone's 23.5% share in Carphone will be halved to 11.75% in the new company.

At Wednesday's closing prices, Carphone's market capitalisation was £1.9bn and Dixons' was £1.87bn. The combined company is likely to join the FTSE 100 index.

Dixons released a trading statement predicting annual underlying pretax profit would be at the top end of market expectations, around £150m to £160m.

Dixons Carphone facts

Total workforce
43,600
Combined revenue
£11bn
Annual cost savings within three years
£80m
Number of stores in UK and Europe
3,000
Stockmarket value
£3.8bn
Charles Dunstone stake, worth £446m
11.75% Topics

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Carphone Warehouse and Dixons agree £3.8bn merger

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Carphone Warehouse and Dixons have agreed a £3.8bn "merger of equals" to create an electricals retailer selling phones to fridges, and offering service and support alongside a multitude of gadgets. With 3,000 stores and sales of almost £11bn, the new company, called Dixons Carphone, will bring the household names Currys, PC World and Carphone Warehouse under one umbrella.

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What are the reasons for this merger?

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British Airways and Spanish airline Iberia have signed a deal to merge and create one of the world's biggest airline groups.
The merger, which was provisionally agreed in November last year, is expected to be completed by the end of this year.

In a statement, the two companies said the merger would benefit shareholders, employees and customers.

It is expected to save the airlines 400m euros ($533m; £350m) a year.

The new company will be called International Airlines Group, but the BA and Iberia brands will continue to operate as normal.

The company will have its headquarters in London, with BA shareholders retaining 55% ownership of the company.
Further consolidation
In total, the group will operate 419 aircraft, flying to more than 200 destinations, and carry a total of 62 million passengers a year, BA said.

TIMELINE: BA-IBERIA MERGER

BA chief executive Willie Walsh said the merger would be good for customers.

"The merged company will provide customers with a larger combined network," he said.

Iberia's chairman and chief executive Antonio Vazquez said the merger was a key move.

"This is an important step in the process towards creating one of the world's leading global airlines that will be better equipped to compete with other major airlines and participate in future industry consolidation," he said.

The merger is seen as a chance for the two airlines to cut costs following two very tough years for the airline industry.

Both BA and Iberia are expected to report heavy losses this year, with BA predicted to announce its biggest annual loss since privatisation.

The airlines are also regarded as a good match, having few overlapping routes.

The merger will also allow the company to compete more effectively with other European giants including Air France-KLM and Germany's Lufthansa.

The signing of the merger deal follows reports on Wednesday that two US airlines - US Airways and United Airlines - were also in talks over a possible merger.
New alliances
Analysts welcomed the move in light of the current economic environment in which global airlines are struggling for survival.

"The merger makes huge sense for passengers and airlines alike. It will allow participating airlines to spread their cost base, something they desperately need to do," said Ashley Steel, global chair for transport and infrastructure at KPMG.

Please turn on JavaScript. Media requires JavaScript to play.

Along with other observers, Mr Steel said that the merger was a stepping stone towards a transatlantic alliance with American Airlines.

The new partners may even cast their net wider, said Stephen Furlong at Davy Stockbrokers: "The tie-up with American is the next thing on BA and Iberia's agenda now and this agreement brings that closer, but they are probably looking at European and Asian carriers too."

The Unite union, which represents thousands of BA workers, said it supported the deal, but "not at any cost".

"Mergers mean synergies, and synergies usually mean job losses and the levelling down of terms and conditions," said Steve Turner, Unite national officer for civil aviation.

He said workers must be consulted on any "key decisions" about their future.

BA is currently in negotiations with Unite to prevent further strikes by cabin crew, who went on strike for seven days last month over pay and working conditions.
Pension problem
BA and Iberia are expected to complete the merger by December, subject to approval from regulators and shareholders.

One stumbling block could be BA's pension problems. Its two final-salary pension schemes have a combined deficit of £3.7bn, which it needs to cut.

Last month, the airline agreed plans with unions to increase pension contributions to close the deficit.

But those plans still need to be agreed with pension trustees and the pensions regulator. They could yet insist that BA pays in more money to fill the deficit.

If Iberia is not happy with those demands, a specific clause in the contract allows it to call off the merger deal.

Plans for a tie-up between BA and Iberia date back long before the current troubles in the airline industry.

The two airlines first began working together in 1999 following the privatisation of the Spanish flag-carrier. BA currently has a 13% stake in Iberia.

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British Airways and Iberia sign merger agreement

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British Airways and Spanish airline Iberia have signed a deal to merge and create one of the world's biggest airline groups.

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What are the key reasons for this JV

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Powa Technologies, a British e-commerce tech firm, has formed a "strategic alliance", via local joint venture, with China's biggest payments processor, UnionPay Network Payments.

The joint venture could generate $5bn (£3.3bn) in revenues over three years, said Powa's boss, Dan Wagner.

UnionPay Network Payments is owned by China UnionPay, which has 4.5 billion credit and debit card users worldwide.

Powa's technology enables shoppers to pay in-store and online by smartphone.

"This is undoubtedly a huge deal for Powa," said electronic payments expert, Dave Birch of Hyperion Consulting.

The joint venture, PowaTag UnionPay, will launch first in Guangdong Province, targeting 400,000 retailers, the company says, before rolling out to one million by the end of 2016.

"We have a target to reach at least 50 million consumers regularly using the platform within one year from launch," said PowaTag UnionPay's chairman, Mr Hu Jinxiong.

China's merchants - there are six million in total - will pay about 13p per transaction to the joint venture for access to the technology, said Mr Wagner.

'We've trumped Apple Pay'

The PowaTag system relies on digital tags - quick response (QR) codes - that can be attached to physical goods or inserted into self-service checkout screens, emails, websites, posters, images - even the audio from TV ads.

Wherever Chinese shoppers see the PowaTag UnionPay symbol they will be able to buy products by scanning them with their phones and tapping the "buy now" button, the company says.

US retail giant Walmart recently launched a similar quick pay system for mobiles in its stores.

China's Commerce Department says the "online to offline" market, whereby shoppers search for products online then complete the purchase in-store, grew 80% in the first half of 2015 and is worth about £31bn ($47bn).

"Why did China UnionPay decide to partner with a little British technology company?" said Mr Wagner. "We've trumped ApplePay and the rest of the world here."

'Tap-and-go'

State-owned China UnionPay, has been responding to the rapid take-up of smartphones across the country - about 68% of the population now has one.

On 12 December, it launched QuickPass - a "tap-and-go" payment system for mobile phones similar to Apple Pay and other digital wallets - in co-operation with more than 20 commercial banks.

QuickPass is already available at more than 10,000 locations in mainland China, says UnionPay, including at retailers such as Carrefour, McDonald's, and Costa.

"The Chinese market is going mobile very quickly," says Mr Birch. "And the integration of payment systems and messaging platforms such as WeChat is a very interesting development."

This latest deal with Powa will give Chinese shoppers yet another way to shop using their mobiles.

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Powa Technologies, a British e-commerce tech firm, has formed a "strategic alliance", via local joint venture, with China's biggest payments processor, UnionPay Network Payments. The joint venture could generate $5bn (£3.3bn) in revenues over three years, said Powa's boss, Dan Wagner. UnionPay Network Payments is owned by China UnionPay, which has 4.5 billion credit and debit card users worldwide.

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What are the key reasons for this JV?

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Novartis and GlaxoSmithKline, two of the world's top drugmakers, have struck a multi-billion-dollar deal to join forces and reshape their businesses.

The deal involves swapping assets and combining their consumer health units.

Novartis will acquire GSK's cancer drugs business for $16bn (£9.5bn) and sell its vaccines division, excluding the flu unit, to GSK for $7.1bn.

In a separate deal, Novartis has agreed to sell its animal health division to Lilly for nearly $5.4bn.

Novartis said the moves would help the firm focus on its key businesses.

"The transactions mark a transformational moment for Novartis," Joseph Jimenez, chief executive of Novartis, said in a statement.

"They also improve our financial strength, and are expected to add to our growth rates and margins immediately."

'Build greater scale'

The deals are a part of Novartis's review of its business as it continues to face sluggish growth.

Novartis and GSK said that combining their over-the-counter (OTC) units would help boost the fortunes of both the companies.

The combined unit will have annual revenues of £6.5bn.

"Opportunities to build greater scale and combine high quality assets in vaccines and consumer healthcare are scarce," Andrew Witty, chief executive, of GSK, said in a statement.

"With this transaction, we will substantially strengthen two of our core businesses and create significant new options to increase value for shareholders."

GSK said the agreement with Novartis "significantly exceeds GSK's returns criteria" and the transaction "would increase overall GSK revenues by £1.3bn to £26.9bn".

Glaxo shareholders will get a £4bn capital return from the proceeds of the deal, the firm said.

Botox in play

The tie-up between the two firms came at the same time as Canadian drugs firm Valeant offered to buy Botox maker Allergan for $47bn (£27.9bn).

Allergan's largest shareholder hedge fund Pershing Square, run by activist investor Bill Ackman, said it supported the bid.

In a statement, Valeant said buying Allergan would help it to drive growth, creating an "unrivalled platform for value creation in healthcare".

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Novartis and GlaxoSmithKline, two of the world's top drugmakers, have struck a multi-billion-dollar deal to join forces and reshape their businesses. The deal involves swapping assets and combining their consumer health units. Novartis will acquire GSK's cancer drugs business for $16bn (£9.5bn) and sell its vaccines division, excluding the flu unit, to GSK for $7.1bn.

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What are the key reasons for this JV?

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Jaguar Land Rover is to make vehicles in China for the first time after Beijing approved a £1bn joint venture.

The West Midlands-based luxury carmaker agreed a "milestone" deal with Chery Automobile and will build a plant near Shanghai, which is due to open in 2015.

JLR said any cars produced would be in addition to its existing output, and it had no intention of moving its manufacturing base out of Britain.

Sales of JLR models in China have risen by 80% so far this year.

The company, owned by India's Tata Motors, began talks with Chery months ago, but had been awaiting approval.

A joint statement released by the Chinese and British companies said: "We are delighted to have reached this milestone, achieved thanks to the understanding and foresight of the Chinese authorities and we want to thank them for recognising the potential of our joint venture in the fast-growing Chinese market.

"Together, we will now begin working in close collaboration on our partnership plans to harness the capabilities of our respective companies, to produce relevant, advanced models for Chinese consumers."

JLR has not said officially which model would be built at the factory, although the company has said in the past that is likely to be either the Land Rover Freelander or Evoque.

A research and development facility and engine production plant will also built as part of the venture, with the main manufacturing plant expected to be completed during 2014, with production starting the following year.

With China now a crucial market for JLR, building vehicles in the country means it can avoid import duties.

However, JLR says that being in China will enable it to build vehicles designed specifically for the Chinese market.

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Jaguar Land Rover is to make vehicles in China for the first time after Beijing approved a £1bn joint venture. The West Midlands-based luxury carmaker agreed a "milestone" deal with Chery Automobile and will build a plant near Shanghai, which is due to open in 2015.

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What are the key reasons for this joint venture

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GlaxoSmithKline has teamed up with Google's parent company Alphabet to develop miniature electronic implants for the treatment of asthma, diabetes and other chronic conditions.

GSK, Britain's biggest drug company, said it would form a joint venture with Verily Life Sciences, a division of Alphabet, to work on research into bioelectronic medicines. GSK will own 55% of Galvani Bioelectronics, and Verily will hold 45%.

Galvani will be based at GSK's global research and development centre at Stevenage, Hertfordshire, just north of London, and will have a second research hub at Verily's base in San Francisco. The companies will combine their existing intellectual property rights and invest up to £540m over seven years if the collaboration meets certain goals.

GSK has been working on bioelectronic medicines since 2012 in a push to develop new patentable treatments as its Advair respiratory treatment faces competition from generic versions. It has invested $50m (£38m) in a venture capital fund for bioelectronics and provided funding for scientists outside the company working in the field.

Bioelectronic remedies attach battery-powered implants the size of a grain of rice or smaller to individual nerves to correct faulty electrical signals between the nervous system and the body's organs.

GSK believes altering these nerve signals could open up the airways of asthma sufferers, reduce inflammation in the gut from Crohn's disease and treat patients with a range of other chronic ailments such as arthritis. So far, the implants have only been tested on animals but the aim is to produce treatments that supplement or replace drugs that often come with side-effects.

GSK and Verily, renamed from Google Life Sciences in December, said their collaboration would combine GSK's drug development and understanding of disease biology with Verily's expertise in miniature electronics, data and software for clinical purposes. The new company will initially employ about 30 scientists, engineers and doctors.

Kris Famm, GSK's head of bioelectronics, said an advantage of bioelectronics would be that researchers should be able to apply it to more diseases as the technology develops. He said working with Verily would speed up this process and that he hoped to conduct the first tests on humans within three years.

Famm said: "We have to figure out how to interface devices with the small nerves in our bodies to find a new way to deliver therapies. We will build the tiny devices that lie at the centre of bringing these treatments to potential.

"The smaller the devices the less they will need to be charged and the more precise they are, and the more attractive this will be as an intervention. Hopefully in 10 years there will be a treatment option where your doctor will say 'Why don't you go for bioelectronic?', and a surgeon will do a little procedure and it will help the organ to do what it should be doing."

Moncef Slaoui, GSK's chairman of global vaccines, will chair the new company's board, which will also include Verily's chief executive, Andrew Conrad, and Famm.

Galvani will be named after Luigi Aloisio Galvani, an 18th-century scientist whose study of a frog's reactions paved the way for the study of neuroscience. The companies hope the joint venture will be in operation by the end of this year once it has been approved by US competition regulators.

GSK said last week it would invest £275m in its UK operations and that Britain remained a good place to do business despite the vote to leave the EU. The company's chief executive, Sir Andrew Witty, is due to leave in March 2017, making the Galvani venture one of his last deals at the company.

Verily is one of Alphabet's most important long-term ventures. It is part of the tech giant's lossmaking "other bets" division that also includes Nest, which develops household products connected to the internet.

Brian Otis, Verily's chief technology officer, said: "This is an ambitious collaboration allowing GSK and Verily to combine forces and have a huge impact on an emerging field. Bioelectronic medicine is a new area of therapeutic exploration, and we know that success will require the confluence of deep disease biology expertise and new highly miniaturised technologies."
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Google and GSK form venture to develop bioelectronic medicines

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GlaxoSmithKline has teamed up with Google's parent company Alphabet to develop miniature electronic implants for the treatment of asthma, diabetes and other chronic conditions. GSK, Britain's biggest drug company, said it would form a joint venture with Verily Life Sciences, a division of Alphabet, to work on research into bioelectronic medicines.

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2 - Global mergers and joint ventures - Answers