Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard</a> has returned to the well with a NBIO for <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">7&amp;I (3382 JP)</a>. This'll be anathema to politicians who view 7&amp;i as a local champion AND a lifeline entity.</li>
<li>Global travel outfit <a href="https://www.smartkarma.com/entities/webjet-ltd" target="_blank" data-smartkarma-citation="entities:17059:1" rel="noopener">Webjet Ltd (WEB AU)</a> has announced the separation of its two key divisions. The sum of the part is greater than the whole? I'll take that bet.</li>
<li>The Kim family turn their focus to <a href="https://www.smartkarma.com/entities/hanwha-galleria-corp" target="_blank" data-smartkarma-citation="entities:39998:1" rel="noopener">Hanwha Galleria (452260 KS)</a> in the latest Partial Offer within the Hanwha Group complex. </li>
</ul>



Alimentation Couche-Tard has returned to the well with a NBIO for 7&amp;I (3382 JP). This'll be anathema to politicians who view 7&amp;i as a local champion AND a lifeline entity.
Global travel outfit Webjet Ltd (WEB AU) has announced the separation of its two key divisions. The sum of the part is greater than the whole? I'll take that bet.
The Kim family turn their focus to Hanwha Galleria (452260 KS) in the latest Partial Offer within the Hanwha Group complex. 


Last Week in Event SPACE: Seven & I Holdings, Webjet, Hanwha Group, Swire Pac/Props, EOFlow

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Bloomberg reported that <a href="https://www.smartkarma.com/entities/brookfield-corp-e3b4f84d-56b4-4ae2-87f3-1c3e83138aea" target="_blank" data-smartkarma-citation="entities:25297:1" rel="noopener">Brookfield (BN CN)</a> is seeking bank backing for up to €9.5 billion in debt to facilitate a potential take-private acquisition of <a href="https://www.smartkarma.com/entities/grifols-sa" target="_blank" data-smartkarma-citation="entities:21274:1" rel="noopener">Grifols SA (GRF SM)</a>.</li>
<li>Considering a €10.18/share possible offer price (institutionals are seeking €12), the A shares are trading at a 7.3% gross spread and are pricing a 62.5% possibility of deal completion.</li>
<li>The preferreds trading at 17.5% discount vs ordinary shares should be favored in case of takeover, with Long B shares/short A shares my preferred way to get involved.</li>
</ul>


Bloomberg reported that Brookfield (BN CN) is seeking bank backing for up to €9.5 billion in debt to facilitate a potential take-private acquisition of Grifols SA (GRF SM).
Considering a €10.18/share possible offer price (institutionals are seeking €12), the A shares are trading at a 7.3% gross spread and are pricing a 62.5% possibility of deal completion.
The preferreds trading at 17.5% discount vs ordinary shares should be favored in case of takeover, with Long B shares/short A shares my preferred way to get involved.


Brookfield/Grifols: Update & Recap, Spread, Discount

<ul>
<li>Since mid-July, share-price spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 8 widened, 2 remained at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, <a href="https://www.smartkarma.com/entities/grifols-sa" target="_blank" data-smartkarma-citation="entities:21274:1" rel="noopener">Grifols SA (GRF SM)</a> (see section on the company), Media-for-Europe, Sixt.</li>
<li>Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>


Since mid-July, share-price spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 8 widened, 2 remained at same level).
Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA (GRF SM) (see section on the company), Media-for-Europe, Sixt.
Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: August‘24 Report

<ul>
<li>
Since mid-June, share-price spreads have generally tightened across our European liquid universe of ordinary and preferred shares (13 have tightened, 5 widened, 1 remained at same level).</li>
<li>Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols (see section on the company), Media-for-Europe, Sixt.</li>
<li>Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
</ul>



Since mid-June, share-price spreads have generally tightened across our European liquid universe of ordinary and preferred shares (13 have tightened, 5 widened, 1 remained at same level).
Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols (see section on the company), Media-for-Europe, Sixt.
Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.


Liquid Universe of European Ordinary and Preferred Shares: July‘24 Report

<ul>
<li>The Toyota Group cross-holding ecosystem is in flux. They started with a small announcement by <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> but moves have come fast and furious.</li>
<li>Apparently minorities are grumbling to the SFC about the low-balled Offer for <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>. And for good reason. The best course of action? Vote against the Scheme.</li>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-corporation" target="_blank" data-smartkarma-citation="entities:10619:1" rel="noopener">Hanwha Corporation (000880 KS)</a> is trading at a steep NAV discount. And the controlling family is making  a partial Offer to gain majority control. </li>
</ul>


The Toyota Group cross-holding ecosystem is in flux. They started with a small announcement by Aisin (7259 JP) but moves have come fast and furious.
Apparently minorities are grumbling to the SFC about the low-balled Offer for Asia Cement China (743 HK). And for good reason. The best course of action? Vote against the Scheme.

Hanwha Corporation (000880 KS) is trading at a steep NAV discount. And the controlling family is making  a partial Offer to gain majority control. 


Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric

Spain

Grifols S.A. develops, manufactures, and markets plasma derivatives, IV Therapy, enteral nutrition, diagnostic systems, and medical materials.

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Grifols SA (GRF SM)

Last Week in Event SPACE: Seven & I Holdings, Webjet, Hanwha Group, Swire Pac/Props, EOFlow

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Brookfield/Grifols: Update & Recap, Spread, Discount

Bloomberg reported that Brookfield (BN CN) is seeking bank backing for up to €9.5 billion in debt to facilitate a potential take-private...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: August‘24 Report

Since mid-July, share-price spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened,...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: July‘24 Report

Since mid-June, share-price spreads have generally tightened across our European liquid universe of ordinary and preferred shares (13 have...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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