Selected European HoldCos and DLC: November 2025 Report
Holdco discounts diverged in November: GBL strengthens its case, Investor stays rich, Porsche SE sits at structural levels, Vivendi’s setback...
282 Views
Zegona Communications: From Turnaround to Capital Return Vehicle with M&A Optionality
Zegona has transitioned from turnaround to capital return, unlocking €1.8bn, reducing leverage, and remaining a live M&A target—offering 20–50%...
229 Views
CNMV Clears Neinor’s OPA; Mandatory €24 Offer for Aedas Minorities Now Base Case
CNMV approval confirms Neinor’s voluntary OPA, but minorities are positioned for a mandatory €24 offer. With Aedas at €23.65, a near-certain...
211 Views
Bondalti-Ercros: From Regulatory Clearance to Shareholder Countdown
Bondalti’s bid for Ercros is fully cleared. Only shareholder acceptance remains. A 6% spread offers short-dated carry into early 2026, but...
243 Views
Allfunds: A High-Conviction Arb With Dividend Carry and DB1-Backed Upside
DB1’s proposed €8.80/share takeover of Allfunds creates a pan-European fund-infrastructure leader, adds cost synergies, and offers investors an...
432 Views