Daily Brief Industrials: InterGlobe Aviation Ltd, Qube Holdings, ANE Cayman Inc and more

In today’s briefing:

SENSEX Index Rebalance: InterGlobe Aviation to Replace Tata Motors PV
Qube (QUB AU): Macquarie’s Lobs NBIO
Merger Arb Mondays (24 Nov) – ANE, Dongfeng, ENN, Jinke, Shengmu, AUB, Digital Hldgs, Pacific Ind

SENSEX Index Rebalance: InterGlobe Aviation to Replace Tata Motors PV

As forecast, InterGlobe Aviation Ltd (INDIGO IN) will replace Tata Motors (TTMT IN) in the S&P BSE SENSEX Index (SENSEX INDEX) after the close on 19 December.
Passive trackers will need to trade between 3.6-7.7x ADV in the stocks and that increases significantly to 7.1-12x delivery volume.
There are indications that positioning has built up in both stocks over the last few weeks. However, in both cases, positioning is expected to be smaller than the passive selling.

Qube Holdings (QUB AU), a logistics and infrastructure play, has announced a A$5.20/share non-binding indicative Offer from Macquarie Asset Management, a unit of Macquarie Group (MQG AU).
That is a 27.8% premium to last close. And ~14.4x FY25 EV/EBITDA. The proposal “follows an earlier unsolicited, non-=binding and indicative offer at lower value.” Dividends paid will be netted.
Qube directors are supportive. The proposal is conditional on due diligence, board approvals, no MACs at Qube, plus regulatory clearance, including FIRB and ACCC signing off.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network