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.

Tata Motors / Iveco: One Last Gear Change

Event-Driven

<ul>
<li>Iveco closed at €14.01 on 2 September against Tata Motors' €14.10 cash offer, leaving 0.64% gross upside, or 3.84% annualised assuming settlement on 3 November.</li>
<li>All required sector regulatory approvals have now been obtained. Exor has committed its 27.1% stake, while the 95% acceptance threshold can fall to 80% following EGM approval.</li>
<li>Completion risk is now low, but the return at €14.01 is insufficient. We remain Neutral and would become more interested around €13.85–13.90, equivalent to 8.61–10.80% annualised.</li>
</ul>


Iveco closed at €14.01 on 2 September against Tata Motors' €14.10 cash offer, leaving 0.64% gross upside, or 3.84% annualised assuming settlement on 3 November.
All required sector regulatory approvals have now been obtained. Exor has committed its 27.1% stake, while the 95% acceptance threshold can fall to 80% following EGM approval.
Completion risk is now low, but the return at €14.01 is insufficient. We remain Neutral and would become more interested around €13.85–13.90, equivalent to 8.61–10.80% annualised.


Iveco/Tata Motors: Final Regulatory Hurdle Cleared, But Little Road Left

Iveco Group

Iveco/Tata Motors: Final Regulatory Hurdle Cleared, But Little Road Left