Founded in 1847, Carlsberg has grown into a hodgepodge of holdings with little business logic to connect them.

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Allow me to impose one unrealistic little assumption as we start, to make the numbers and logic a little easier.

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"The board believes that whereas there is obvious appeal to NTL in gaining control of ITV's substantial and successful business, from ITV's perspective there is little, if any, strategic logic for ITV to combine with NTL, " ITV said in a statement to the London Stock Exchange.

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But any time you head off into the unknown with a new business plan, product or service, the logic of prediction reasoning is of little use.

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This logic is sound, but there is little evidence, for now, to support it.

ECONOMIST: America's economy

There is little overlap between banks from the different countries and the logic here is different: less cost cutting, more revenue generation.

ECONOMIST: Folie de grandeur