IFM Advances on Naturgy
According to press, 22% acceptances would highly likely be reached. Gross spread is 3.9%, an attractive level, even with minimal apportionment....
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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...
338 Views
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...
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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...
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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...
406 Views