European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Aedifica secures effective control. 79.6% of Cofinimmo shares were tendered in the initial acceptance period, comfortably above the 50% threshold and enabling Aedifica to proceed toward a merger by absorption.</li>
<li>Spread widens as Cofinimmo trades as a residual minority float. The ~3.8% discount to exchange parity reflects liquidity and merger-timing rather than renewed deal risk.</li>
<li>Arbitrage phase largely complete. With regulatory approvals secured and settlement scheduled for 10 March, the situation has moved beyond merger arbitrage toward implementation of the merger (see timeline discussion below).</li>
</ul>


Aedifica secures effective control. 79.6% of Cofinimmo shares were tendered in the initial acceptance period, comfortably above the 50% threshold and enabling Aedifica to proceed toward a merger by absorption.
Spread widens as Cofinimmo trades as a residual minority float. The ~3.8% discount to exchange parity reflects liquidity and merger-timing rather than renewed deal risk.
Arbitrage phase largely complete. With regulatory approvals secured and settlement scheduled for 10 March, the situation has moved beyond merger arbitrage toward implementation of the merger (see timeline discussion below).


Aedifica / Cofinimmo — Market Update: 79.6% Tendered; Spread Widens as Minority Float Trades

<ul>
<li>Aedifica formally filed BCA remedies, agreeing to €300 m Belgian asset disposals; final approval expected late Jan 2026.</li>
<li>Gross spread narrows to ~1.2%, annualized IRR ≈ 4.7%, low interloper risk.</li>
<li>High-Certainty Q1 2026 closing supports long Cofinimmo / short 1.185× Aedifica “carry-to-close” positioning.</li>
</ul>


Aedifica formally filed BCA remedies, agreeing to €300 m Belgian asset disposals; final approval expected late Jan 2026.
Gross spread narrows to ~1.2%, annualized IRR ≈ 4.7%, low interloper risk.
High-Certainty Q1 2026 closing supports long Cofinimmo / short 1.185× Aedifica “carry-to-close” positioning.


Aedifica / Cofinimmo — Remedy Package Clears Path, BCA Decision by January; Spread Tightens to 1.2 %

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. It is not highly tracked, but we can expect many index changes during its quarterly review.</li>
<li>In this insight, we take a look at the potential index changes for the SE600 index for the June 2026 rebal.</li>
<li>The final rankings will be based on the float market caps as of the close of trading on 29th May 2026.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. It is not highly tracked, but we can expect many index changes during its quarterly review.
In this insight, we take a look at the potential index changes for the SE600 index for the June 2026 rebal.
The final rankings will be based on the float market caps as of the close of trading on 29th May 2026.


Quiddity Leaderboard SE600 Jun26: TEN ADDs/DELs; Many Intra-Review Changes After Rebal

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. It also acts as a universe for some highly tracked indices.</li>
<li>In this insight, we consider potential index changes that could take place in the June 2026 rebal, along with a few M&amp;A deals that could have consequences for the index.</li>
<li>Based on the latest rankings, we expect three index changes in the second quarter of 2026, with Banking names leading the charge in potential ADDs.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. It also acts as a universe for some highly tracked indices.
In this insight, we consider potential index changes that could take place in the June 2026 rebal, along with a few M&amp;A deals that could have consequences for the index.
Based on the latest rankings, we expect three index changes in the second quarter of 2026, with Banking names leading the charge in potential ADDs.


Quiddity Leaderboard SE600 Jun26: 3 Regular ADDs/DELs Likely

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Crude oil prices display bullish short-term reversals, resulting in bullish price and RS reversals for global Energy stocks -- add exposure. From a macro perspective, despite some mild price deterioration recently on major indexes around the globe, our outlook remains unchanged and we remain neutral yet constructive overall. Market dynamics remain largely constructive and we continue to see attractive opportunities in many countries/regions such as Japan, China (Shanghai Composite), Europe, India, and Canada, to name a few.</p>

Crude oil prices display bullish short-term reversals, resulting in bullish price and RS reversals for global Energy stocks -- add exposure. From a macro perspective, despite some mild price deterioration recently on major indexes around the globe, our outlook remains unchanged and we remain neutral yet constructive overall. Market dynamics remain largely constructive and we continue to see attractive opportunities in many countries/regions such as Japan, China (Shanghai Composite), Europe, India, and Canada, to name a few.

Global Energy Sector Improving -- Buying Reliance Industries Ltd, Several Others

Belgium

Cofinimmo SANV is a Belgian real estate company that specialises in rental property. The Company's main investment segments are office property, care homes and distribution property networks. Cofinimmo is an independent company, which manages its properties in-house.

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Cofinimmo SA (COFB BB)

Aedifica / Cofinimmo — Market Update: 79.6% Tendered; Spread Widens as Minority Float Trades

Aedifica secured 79.6% of Cofinimmo shares in its exchange offer. With settlement on 10 March, deal risk is gone and Cofinimmo now trades mainly as...

Jesus Rodriguez Aguilar

Aedifica / Cofinimmo — Remedy Package Clears Path, BCA Decision by January; Spread Tightens to 1.2 %

Aedifica–Cofinimmo merger advances with Belgian clearance likely by Jan 2026; €300 m divestment pact cuts risk, tightening spread to ~1.2% for a...

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Jun26: TEN ADDs/DELs; Many Intra-Review Changes After Rebal

Based on the latest estimates, we now expect 10 ADDs and 10 DELs. The ADDs collectively have an inflow of around US$200mn to trade. We have one...

Afridi Reyal

Quiddity Leaderboard SE600 Jun26: 3 Regular ADDs/DELs Likely

The SE600 index in Europe may see three index changes in June 2026, with Banking names likely to be added. M&A deals could also impact the index.

Afridi Reyal

Global Energy Sector Improving -- Buying Reliance Industries Ltd, Several Others

Crude oil prices display bullish short-term reversals, resulting in bullish price and RS reversals for global Energy stocks -- add exposure.

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aedifica / Cofinimmo — Market Update: 79.6% Tendered; Spread Widens as Minority Float Trades

Aedifica secured 79.6% of Cofinimmo shares in its exchange offer. With settlement on 10 March, deal risk is gone and Cofinimmo now trades mainly as...

Jesus Rodriguez Aguilar

Aedifica / Cofinimmo — Remedy Package Clears Path, BCA Decision by January; Spread Tightens to 1.2 %

Aedifica–Cofinimmo merger advances with Belgian clearance likely by Jan 2026; €300 m divestment pact cuts risk, tightening spread to ~1.2% for a...

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Jun26: TEN ADDs/DELs; Many Intra-Review Changes After Rebal

Based on the latest estimates, we now expect 10 ADDs and 10 DELs. The ADDs collectively have an inflow of around US$200mn to trade. We have one...

Afridi Reyal

Quiddity Leaderboard SE600 Jun26: 3 Regular ADDs/DELs Likely

​The SE600 index in Europe may see three index changes in June 2026, with Banking names likely to be added. M&A deals could also impact the index.

Afridi Reyal

Global Energy Sector Improving -- Buying Reliance Industries Ltd, Several Others

Crude oil prices display bullish short-term reversals, resulting in bullish price and RS reversals for global Energy stocks -- add exposure.

Vermilion Research

The SE600 index in Europe may see three index changes in June 2026, with Banking names likely to be added. M&A deals could also impact the index.