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.

Loh/Kloeckner & Co Se: Voluntary Takeover Offer

Event-Driven

<ul>
<li>Worthington’s due diligence introduces a credible takeout path, with Kloeckner trading on event probability rather than fundamentals. Concentrated ownership means pricing must satisfy the 41% anchor shareholder to advance discussions.</li>
<li>Standalone equity value sits near €7.05 per share once full balance-sheet obligations are incorporated. Identifiable synergies of €60–85m annually support a realistic takeover corridor of €8.25–9.78 per share.</li>
<li>Worthington has ample balance-sheet capacity to fund the acquisition. Pro forma leverage of 2.7–3.2× under a standard mixed-financing structure is comfortably financeable, making the transaction large but feasible.</li>
</ul>


Worthington’s due diligence introduces a credible takeout path, with Kloeckner trading on event probability rather than fundamentals. Concentrated ownership means pricing must satisfy the 41% anchor shareholder to advance discussions.
Standalone equity value sits near €7.05 per share once full balance-sheet obligations are incorporated. Identifiable synergies of €60–85m annually support a realistic takeover corridor of €8.25–9.78 per share.
Worthington has ample balance-sheet capacity to fund the acquisition. Pro forma leverage of 2.7–3.2× under a standard mixed-financing structure is comfortably financeable, making the transaction large but feasible.


Worthington Steel - Kloeckner: Strategic Optionality Emerges as Worthington’s Due Diligence Advances