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.

Selected European HoldCos and DLC: May’23 Report

Selected European HoldCos and DLC: June’23 Report

Industrivärden H1, Discount and Target NAV

Selected European HoldCos and DLC: April’23 Report

FEMSA/Heineken Holding Chain: Stake Sales and Share Price Spread

Selected European HoldCos and DLC: March'23 Report

Event-Driven

<ul>
<li>FEMSA has placed c.€3.3 billion of <a href="https://www.smartkarma.com/entities/heineken-nv" target="_blank" data-smartkarma-citation="entities:21117:1" rel="noopener">Heineken NV (HEIA NA)</a> and <a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener">Heineken Holding NV (HEIO NA)</a> shares and tap €250 million of existing 2026 Exchangeable bonds. The placement removes a major overhang.</li>
<li>The holding structure (equivalence 1 HEIO NA ~ 1 HEIA NO) allows the Heineken family to control the second largest brewer worldwide, with just a 27.3% economic interest (post-FEMSA's placement).</li>
<li>The discount has tightened to 15.8%, still above the 10.4% average of the last ten years, and rather large considering such a simple structure.</li>
</ul>


FEMSA has placed c.€3.3 billion of Heineken NV (HEIA NA) and Heineken Holding NV (HEIO NA) shares and tap €250 million of existing 2026 Exchangeable bonds. The placement removes a major overhang.
The holding structure (equivalence 1 HEIO NA ~ 1 HEIA NO) allows the Heineken family to control the second largest brewer worldwide, with just a 27.3% economic interest (post-FEMSA's placement).
The discount has tightened to 15.8%, still above the 10.4% average of the last ten years, and rather large considering such a simple structure.


Fomento Economico Mexica-Ubd (FEMSAUBD MM)

FEMSA's Exit from Heineken/Heineken Holding and Share Price Spread