European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Bondalti/Ercros: Delisting Approved; Final Exit at €3.505

Bondalti / Ercros – Offer Live; Tender Recommended

Bondalti-Ercros: From Regulatory Clearance to Shareholder Countdown

Bondalti-Ercros: Acceptance Risk Removed, Deal Enters Final Execution Phase

Event-Driven

<ul>
<li>Bondalti has secured &gt;50% acceptance, effectively completing the deal; control is achieved and the original merger-arbitrage thesis has transitioned into a post-offer clean-up phase with minimal execution risk remaining.</li>
<li>Ercros at €3.405 implies a ~2.9% spread to €3.505; this reflects timing to a follow-on exclusion OPA, not deal uncertainty, with expected exit in late May–June 2026.</li>
<li>The residual trade offers low-teens annualised returns over 2–3 months; liquidity remains limited (~€1m daily), making this a smaller-scale, low-beta carry opportunity rather than a scalable arbitrage.</li>
</ul>


Bondalti has secured &gt;50% acceptance, effectively completing the deal; control is achieved and the original merger-arbitrage thesis has transitioned into a post-offer clean-up phase with minimal execution risk remaining.
Ercros at €3.405 implies a ~2.9% spread to €3.505; this reflects timing to a follow-on exclusion OPA, not deal uncertainty, with expected exit in late May–June 2026.
The residual trade offers low-teens annualised returns over 2–3 months; liquidity remains limited (~€1m daily), making this a smaller-scale, low-beta carry opportunity rather than a scalable arbitrage.


Bondalti/Ercros: Control Secured; Residual 3% Spread into Delisting