IFM/Naturgy: Enter CriteriaCaixa
If IFM is still serious about its offer, it may need to raise its offer. Gross spread is c. 2% (c. 4% annual). Long NTGY SM. Risk is that IFM...
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Selected European Holdcos and DLCs: May Report
Discounts to NAV for our selected European holdcos and DLCs have generally tightened (and premiums to NAV increased) in May. Swedish holdings are...
322 Views
Loyalty Shares in Spain: Double-Voting Rights Could Hinder Takeovers
In Spain, the companies that establish the double voting system will be less prone to takeover, such as Repsol SA (REP SM) and Telefonica SA (TEF...
346 Views
Selected European Holdcos and DLCs: April Report
Discounts to NAV for our selected European holdcos and DLCs have generally tightened in April. The report incorporates Q1 releases for the main...
367 Views
Selected European Holdcos and DLCs: March Report
Discounts to NAV for our selected European holdcos and DLCs have generally tightened in March. The report incorporates the results for GBL, and...
380 Views