US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Unilever PLC manufactures branded and packaged consumer goods, including food, detergents, fragrances, home and personal care products.  Dually-listed company with UNA NA.

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<a href="https://www.smartkarma.com/entities/unilever-plc" target="_blank" data-smartkarma-citation="entities:22197:1" rel="noopener">Unilever PLC (ULVR LN)</a> is spinning off its Ice Cream business into a standalone publicly-listed company, The Magnum Ice Cream Company ("TMICC").</li>
<li>TMICC is expected to list in early December 2025, trading under the ticker "MICC" on Euronext Amsterdam, LSE and NYSE.</li>
<li>Significant index implications across EU and Global indices, on an intra-quarter basis.</li>
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Unilever PLC (ULVR LN) is spinning off its Ice Cream business into a standalone publicly-listed company, The Magnum Ice Cream Company ("TMICC").
TMICC is expected to list in early December 2025, trading under the ticker "MICC" on Euronext Amsterdam, LSE and NYSE.
Significant index implications across EU and Global indices, on an intra-quarter basis.


Unilever Spins Off Magnum Ice Cream: Index Changes Ahead

Solstice Advanced Materials / Index Rebalance

Solstice Advanced Materials is a leading specialty materials company that advances science to achieve smarter outcomes with high-performance solutions across refrigerants, semiconductor materials, protective fibers, healthcare packaging, and more. Backed by deep technical expertise across critical industries, we are recognized as a global market leader that partners with customers to solve complex challenges in high-value applications.

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<a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell International (HON US)</a> has completed the spin-off of <a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a>.</li>
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<a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> began trading on Nasdaq on October 30, 2025.</li>
<li>Significant index implications across US and Global indices, both intra-quarter and at upcoming reviews.</li>
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Honeywell International (HON US) has completed the spin-off of Solstice Advanced Materials (SOLS US).

Solstice Advanced Materials (SOLS US) began trading on Nasdaq on October 30, 2025.
Significant index implications across US and Global indices, both intra-quarter and at upcoming reviews.


Honeywell Spins Off Solstice Advanced Materials: Significant Index Implications Triggered

Deliveroo PLC provides software solutions. The Company offers an online food delivery platform which allows users to order meals from partner restaurants, grocery stores, and other food suppliers. Deliveroo serves customers worldwide.

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<a href="https://www.smartkarma.com/entities/doordash-inc" target="_blank" data-smartkarma-citation="entities:28881:1" rel="noopener">DoorDash (DASH US)</a> has agreed to acquire <a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a> in an all-cash transaction valued at approximately $3.9 billion, with Deliveroo shareholders receiving 180 pence per share.</li>
<li>The acquisition is expected to become effective on October 2, 2025, with <a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a> founder and CEO Will Shu and several non-executive directors stepping down upon completion.</li>
<li>Following the deal, <a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a> will be removed from UK and European indices, with replacements expected imminently.</li>
</ul>



DoorDash (DASH US) has agreed to acquire Deliveroo (ROO LN) in an all-cash transaction valued at approximately $3.9 billion, with Deliveroo shareholders receiving 180 pence per share.
The acquisition is expected to become effective on October 2, 2025, with Deliveroo (ROO LN) founder and CEO Will Shu and several non-executive directors stepping down upon completion.
Following the deal, Deliveroo (ROO LN) will be removed from UK and European indices, with replacements expected imminently.


DoorDash-Deliveroo $3.9B Deal Closes, Index Replacements Ahead

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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<a href="https://www.smartkarma.com/entities/palo-alto-networks-inc" target="_blank" data-smartkarma-citation="entities:7886:1" rel="noopener">Palo Alto Networks (PANW US)</a> is acquiring <a href="https://www.smartkarma.com/entities/cyberark-software-ltd" target="_blank" data-smartkarma-citation="entities:27151:1" rel="noopener">CyberArk Software Ltd (CYBR US)</a> in a $25B stock-and-cash deal, with shareholders receiving $45 plus 2.2005 PANW shares per CYBR share.</li>
<li>The transaction is expected to close in the second half of Palo Alto’s fiscal 2026 (February–July 2026), subject to customary regulatory approvals and CyberArk shareholder consent.</li>
<li>Upon completion, the deal will trigger significant passive flows, with an upweight of <a href="https://www.smartkarma.com/entities/palo-alto-networks-inc" target="_blank" data-smartkarma-citation="entities:7886:1" rel="noopener">Palo Alto Networks (PANW US)</a> and the removal of <a href="https://www.smartkarma.com/entities/cyberark-software-ltd" target="_blank" data-smartkarma-citation="entities:27151:1" rel="noopener">CyberArk Software Ltd (CYBR US)</a> from relevant indices.</li>
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Palo Alto Networks (PANW US) is acquiring CyberArk Software Ltd (CYBR US) in a $25B stock-and-cash deal, with shareholders receiving $45 plus 2.2005 PANW shares per CYBR share.
The transaction is expected to close in the second half of Palo Alto’s fiscal 2026 (February–July 2026), subject to customary regulatory approvals and CyberArk shareholder consent.
Upon completion, the deal will trigger significant passive flows, with an upweight of Palo Alto Networks (PANW US) and the removal of CyberArk Software Ltd (CYBR US) from relevant indices.


Palo Alto's $25B CyberArk Deal: Major US and Global Index Implications Ahead

Commerzbank AG attracts deposits and offers retail and commercial banking services.  The Bank offers mortgage loans, securities brokerage and asset management services, private banking, foreign exchange, and treasury services worldwide.

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<a href="https://www.smartkarma.com/entities/unicredit-spa" target="_blank" data-smartkarma-citation="entities:21234:1" rel="noopener">UniCredit SpA (UCG IM)</a> has formally withdrawn its bid for <a href="https://www.smartkarma.com/entities/banco-bpm-spa" target="_blank" data-smartkarma-citation="entities:28121:1" rel="noopener">Banco BPM SpA (BAMI IM)</a>, following sustained political resistance from the Italian government.</li>
<li>In parallel, <a href="https://www.smartkarma.com/entities/unicredit-spa" target="_blank" data-smartkarma-citation="entities:21234:1" rel="noopener">UniCredit SpA (UCG IM)</a> has increased its direct ownership in <a href="https://www.smartkarma.com/entities/commerzbank-ag" target="_blank" data-smartkarma-citation="entities:21596:1" rel="noopener">Commerzbank AG (CBK GR)</a> from approx. 9% to 20%, with plans to reach 29% in total.</li>
<li>The resulting reduction in <a href="https://www.smartkarma.com/entities/commerzbank-ag" target="_blank" data-smartkarma-citation="entities:21596:1" rel="noopener">Commerzbank's</a> free float may lead to index adjustments in phases, with further passive flows expected once the remaining exposure is converted.</li>
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UniCredit SpA (UCG IM) has formally withdrawn its bid for Banco BPM SpA (BAMI IM), following sustained political resistance from the Italian government.
In parallel, UniCredit SpA (UCG IM) has increased its direct ownership in Commerzbank AG (CBK GR) from approx. 9% to 20%, with plans to reach 29% in total.
The resulting reduction in Commerzbank's free float may lead to index adjustments in phases, with further passive flows expected once the remaining exposure is converted.


UniCredit: Drops BPM Bid, Targets 29% Stake in Commerzbank - Index Moves Ahead

Index Rebalance professional with expertise in assessing the impact of Corporate Actions on major U.S., EU, and global indices. Specialized in forecasting index adjustments driven by Mergers & Acquisitions, Spin-offs, IPOs, and Equity Offerings, as well as analyzing shareholder structures and calculating free float. Assessed capital flows and capital invested in major equity indices. All forecasts and analyses are derived from publicly available, reliable sources, including exchange filings, regulatory disclosures, company announcements, and ETFs, without the use of index data. Producing forecasts for both scheduled and unscheduled index rebalances while providing insights into key aspects of Corporate Actions throughout their lifecycle.