In today’s briefing:
- [Japan Activism/M&A] Taiyo Holdings (4626) Now an MBO Target? KKR and One More Bidding
- MAC Copper (MAC AU/MTAL US): Harmony Makes A Move
- Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates
- Nufarm (NUF AU): Seed Sale Or Full Takeover – Something May Have To Give
- Korea Value Up: Outperformance Relative to KOSPI200 & KOSDAQ150 Likely to Attract Greater Capital
- Supply Squeeze Drives Up Indian Latex Prices, Sheet Range Bound
- Steel Resolve: Nippon’s Deal Gains Traction Amid Regulatory Reforging
- Deepak Fertilizers Q4 FY25 Update: A Specialty Play, Ready for the Mega Run
- Sustainable Investing Surveyor Focus on Calumet (CLMT)
- The Chemours Company: Advanced Performance Materials (APM) Expansion Can Help Strengthen Its Long-Term Capabilities!
[Japan Activism/M&A] Taiyo Holdings (4626) Now an MBO Target? KKR and One More Bidding
- Taiyo Holdings (4626 JP) has an interesting background, embroiled in a separate activist event via its equity affiliate sponsor Dic Corp (4631 JP), and recently an activist target itself.
- Today a Bloomberg article said KKR and one other PE fund had made acquisition proposals via TOB. Taiyo confirmed, establishing a Special Committee. A deal is months away, at earliest.
- Shares shot up to limit up, opened briefly, then resumed at limit up. The question here and now is valuation.
MAC Copper (MAC AU/MTAL US): Harmony Makes A Move
- Dual-Listed MAC Copper (MAC AU/MTAL US), a NSW copper miner, has entered into a Scheme Implementation Deed with Johannesburg-based Harmony Gold Mining (HAR SJ).
- Harmony is offering A$18.93/share (US$12.25/share), a 20.7% premium to last close, or a A$1.6bn/US$1.03bn value. The A$ consideration pivots off the USD/AUD exchange rate. The Offer requires FIRB signing off.
- The Offer has the unanimous backing of both boards, and also has the backing from shareholders holding 20.1% of shares out. Implementation is October/November. This may need more gruel.
Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates
- Taiyo Holdings (4626 JP) shares were up 19.1% based on a Bloomberg report that it received privatisation proposals from KKR and Nippon Sangyo Suishin Kiko.
- Taiyo confirmed that it has received privatisation offers. The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an activist campaign.
- At the last close price of JPY6,230, Oasis would be up 45.9% on its highest price of JPY4,720. My analysis suggests that an offer around JPY7,000 can be justified.
Nufarm (NUF AU): Seed Sale Or Full Takeover – Something May Have To Give
- Nufarm (NUF AU), an agricultural chemical company , is down ~40% since it announced a 39.5% decline in 1H25 profit. The share price is at the lowest level since Covid.
- Concurrent with this results, Nufarm announced a review of its seed technology ops. Reportedly Advanta, BP – amongst others- are vying for the est. A$900mn business.
- Elsewhere, it is being reported that key shareholders recommend the Nufarm board explore a full takeover.
Korea Value Up: Outperformance Relative to KOSPI200 & KOSDAQ150 Likely to Attract Greater Capital
- Korea Value Up index is up 8.2% from 30 September 2024 to 28 May 2025, outperforming KOSPI 200 (up 3.4%) and KOSDAQ 150 (down 7.9%) in the same period.
- More capital is likely to flow into the Korea Value Up index going forward. The government’s efforts to continue to push the Korea Value Up index is also positive.
- The median market cap of the 27 new additions is 2,310 billion won versus 835 billion won for the 32 deletions. KRX is emphasizing on companies with higher market cap.
Supply Squeeze Drives Up Indian Latex Prices, Sheet Range Bound
- Field latex cross INR 200 (US$2.34) mark, sheet still short of it
- Over 40% of smallholders complete rainguarding as rains set in
- Compound rubber import worries farmers, traders
Steel Resolve: Nippon’s Deal Gains Traction Amid Regulatory Reforging
- Nippon Steel proposes binding governance safeguards, including a U.S. CEO, majority-U.S. board, and a “golden share” for U.S. veto power on strategic decisions.
- USW union opposition remains vocal, but Trump’s political pivot reframes the deal as a domestic partnership, easing labor and nationalist concerns.
- Antitrust risk is low due to limited overlap; CFIUS clearance remains the key regulatory hurdle, with approval possible by late July or early August.
Deepak Fertilizers Q4 FY25 Update: A Specialty Play, Ready for the Mega Run
- Deepak Fertilisers & Petro (DFPC IN) reported robust Q4 and full-year FY25 results, crossing INR 10,000 crores in revenue and doubling PAT year-on-year for FY25.
- The strong financial outcomes validate the company’s strategy of aligning with India’s growth story and transitioning from commodities to higher-margin specialty products.
- Improved financial health, reduced net debt, and strategic capex nearing completion position DFPCL for future growth and potentially higher profitability despite near-term segment-specific pressures.
Sustainable Investing Surveyor Focus on Calumet (CLMT)
- The WTR Sustainable Index was down 3.1% W/W versus the S&P 500 Index (down 2.6%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down 2.4%).
- Energy Technology (12.4% of the index) was down 5.3%, while Industrial Climate and Ag Technology (47.7% of the index) was down 2.4%, ClimateTech Mining was down 2.6%, and Advanced Transportation Solutions (21.5% of the index) was down 3.7%.
- Top 10 Performers: LTBR, NHHH, BNET, FTEK, SX, FCEL, VVPR, EGT, DNMR, TMC
The Chemours Company: Advanced Performance Materials (APM) Expansion Can Help Strengthen Its Long-Term Capabilities!
- The Chemours Company recently disclosed its financial results for the first quarter and full year 2025.
- The company operates through three primary segments: Titanium Technologies (TT), Thermal & Specialized Solutions (TSS), and Advanced Performance Materials (APM).
- Each segment showed distinctive financial performance reflecting differing market dynamics, regional trade developments, and macroeconomic influences.
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