When is a merger-of-equals really a takeover?
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By Rob CoxThe author is a Reuters Breakingviews columnist. The opinions expressed are his own.
When is a merger-of-equals really a takeover? One easy way to tell is when the top brass get rich and undeserved paydays. There’s probably no better live example than the just-delayed sale of Massachusetts electric utility NSTAR. Its top five executives could feast on as much as $50 million in severance and change-of-control payments despite labeling their deal as one of mutual control for both sets of shareholders. As regulators probe the union more deeply, investors may want to do the same.
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