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.

Equity Bottom-Up

Universal Music Group NV / Equity Bottom-Up

<ul>
<li>Pershing Square has exited its entire UMG position following the rejection of its takeover proposal, reducing transaction optionality but removing a significant shareholder overhang that had weighed on the stock.</li>
<li>UMG repurchased €250m of shares at €17.66, providing a clear indication of management’s willingness to allocate capital at current levels and partially absorbing Pershing’s disposal.</li>
<li>The investment case now rests on standalone value realization rather than a transaction, supported by buybacks, strong fundamentals, and a cleaner shareholder structure following Pershing’s exit.</li>
</ul>


Pershing Square has exited its entire UMG position following the rejection of its takeover proposal, reducing transaction optionality but removing a significant shareholder overhang that had weighed on the stock.
UMG repurchased €250m of shares at €17.66, providing a clear indication of management’s willingness to allocate capital at current levels and partially absorbing Pershing’s disposal.
The investment case now rests on standalone value realization rather than a transaction, supported by buybacks, strong fundamentals, and a cleaner shareholder structure following Pershing’s exit.


Universal Music: Pershing Sells, UMG Buys