Cerebos' $71.6 million bid to buy Comvita undervalues the local honey maker by as much as 38 per cent, according to the independent adviser's report.

Stocks on both sides of the Atlantic fell overnight amid expectations that lawmakers' talks on cutting the US budget deficit are set to fail.

Global instability is slowing down projects and businesses that depend on capital investment, says Simpson Grierson chair Kevin Jaffe.

A big majority of chief executives want KiwiSaver made compulsory.