European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Thiess is launching an agreed offer to acquire 100% of <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a> at AUD 1.025/share, in cash, cum dividend, a 28% premium, 2.8x EV/Fwd EBITDA. Minimum acceptance condition is 90%.</li>
<li>Thiess is gaining scale with the acquisition of MACA. I believe that in the future ACS/Hochtief/CIMIC will seek to acquire the whole of Thiess.</li>
<li>Gross spread (as of 29 July) is 2.43%, for a deal with high chances to complete. I would be long at this price.</li>
</ul>


Thiess is launching an agreed offer to acquire 100% of MACA Ltd (MLD AU) at AUD 1.025/share, in cash, cum dividend, a 28% premium, 2.8x EV/Fwd EBITDA. Minimum acceptance condition is 90%.
Thiess is gaining scale with the acquisition of MACA. I believe that in the future ACS/Hochtief/CIMIC will seek to acquire the whole of Thiess.
Gross spread (as of 29 July) is 2.43%, for a deal with high chances to complete. I would be long at this price.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a></strong> recently announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to previous close.</li>
<li>The Offer is subject to limited conditions, including FIRB , ACCC sign-off, no prescribed occurrences, no issue of convertible securities, derivatives, or other rights, and 90% minimum acceptances.</li>
<li>The Offer has unanimous support from MACA's board. Applications to FIRB and the ACCC have already been submitted. The announcement suggests MACA remains open to alternative approaches.</li>
</ul>



MACA Ltd (MLD AU) recently announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to previous close.
The Offer is subject to limited conditions, including FIRB , ACCC sign-off, no prescribed occurrences, no issue of convertible securities, derivatives, or other rights, and 90% minimum acceptances.
The Offer has unanimous support from MACA's board. Applications to FIRB and the ACCC have already been submitted. The announcement suggests MACA remains open to alternative approaches.


Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices for the September 2022 Rebalance.</li>
<li>While no names currently satisfy the requirements to move into or out of the DAX Index, there could be some changes for the MDAX and SDAX Index.</li>
<li>Below is a closer look at the recent price and volume performance of these names.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices for the September 2022 Rebalance.
While no names currently satisfy the requirements to move into or out of the DAX Index, there could be some changes for the MDAX and SDAX Index.
Below is a closer look at the recent price and volume performance of these names.


DAX/​MDAX/​SDAX Quiddity Leaderboard Sep 2022: Some Changes for SDAX and MDAX

<ul>
<li>For the month of April, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$22bn.</li>
<li>The average premium for the new deals announced (or first discussed) in April was ~36%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of April, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$22bn.
The average premium for the new deals announced (or first discussed) in April was ~36%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


<ul>
<li>GIP/Brookfield/ACS weigh launching a €15 billion unsolicited offer for Atlantia. Blackstone may partner with the Benettons to acquire Atlantia at €24/share (26% premium ). Italian Government's role will be key.</li>
<li>Atlantia trades at higher multiples than ACS (EV/22e EBITDA: 12.8x vs 3.2x, Capital IQ consensus). A hypothetical ACS/Abertis would become a world leader in infrastructure, but leverage is key. </li>
<li>The opposition of Edizione makes the operation difficult/more expensive. A joint-bid Edizione/Blackstone, would force the GIP-led group to present an improved offer. Nearly 50% of Atlantia's NAV is cash.</li>
</ul>


GIP/Brookfield/ACS weigh launching a €15 billion unsolicited offer for Atlantia. Blackstone may partner with the Benettons to acquire Atlantia at €24/share (26% premium ). Italian Government's role will be key.
Atlantia trades at higher multiples than ACS (EV/22e EBITDA: 12.8x vs 3.2x, Capital IQ consensus). A hypothetical ACS/Abertis would become a world leader in infrastructure, but leverage is key. 
The opposition of Edizione makes the operation difficult/more expensive. A joint-bid Edizione/Blackstone, would force the GIP-led group to present an improved offer. Nearly 50% of Atlantia's NAV is cash.


Germany

Brenntag AG sells and distributes industrial and specialty chemicals.  The Company also develops and prepares specific chemical compounds and offers analysis services.  Brenntag's customers include oil and gas, paint, cosmetic, pharmaceutical, and water treatment companies.

GEA Group Aktiengesellschaft is a farm technology, mechanical equipment, process industry and refrigeration technology company. The Company supplies equipment for the food processing industry. GEA products have industrial, pharmaceutical and chemical applications.

KION Group AG provides material handling solutions. The Company offers forklifts, warehouse equipments, and other industrial trucks.

Rational AG manufactures and markets food preparation appliances/processors and kitchen accessories for caterers and canteen kitchens.  The Company's products cook and reheat food.  Rational sells primarily to hotels, restaurants, canteens and caterers in Europe, the United States, and Asia.

DMG Mori Aktiengesellschaft manufactures and markets machine tools. The Company's products include automatic lathes, milling, turning, laser, and ultrasonic machines.

Krones AG designs and manufactures production machinery and packaging robots for breweries, soft drink and water bottlers, chemical manufacturers, and food processors.  The Company produces cleaning, filling, labeling, sorting, and packaging production systems for the handling of plastic and glass containers. Krones operates worldwide.

KUKA AG manufactures production machinery and equipment, and offers production engineering services.  The Company designs and builds automobile factories, and produces welding and assembly systems, industrial robots, turning machines, packaging machinery, and measuring and control instruments for water and gas suppliers.  KUKA operates in Europe, the Americas, and Asia.

Jungheinrich AG manufactures battery, diesel, and gas powered merchandise stackers and forklifts.  The products are used in warehouses, production facilities, and for point-of-sales retail storage.  It produces shelving systems, rents forklifts, sells used forklifts, offers financing, and manages forklift fleets.  The Company sells in Europe, the Americas, Africa, and Asia.

MTU Aero Engines AG develops and manufactures engines and offers commercial engine services and support.  The Company sells to manufacturers and operators of engines and industrial gas turbines across the world.

China Communications Construction Company Ltd. is a transportation infrastructure group.  The Company is involved in infrastructure construction, infrastructure design, dredging, and port machinery manufacturing.  China Communications has operations worldwide.

China Communications Construction (1800 HK)

GMR Infrastructure is an infrastructure company with interests in airports, power and roads. The Company is developing a greenfield international airport at Hyderabad, and is also operating, managing and developing the Delhi airport. Additionally, it is involved in development and operation of power plants and road projects in India.

OBAYASHI CORPORATION is a general contractor operating nationwide and overseas. The Company builds commercial, residential, institutional buildings with earthquake-resistant technology.  Obayashi also performs civil engineering works for such as railroads.  The Company, through its subsidiaries, operates real estate, golf course, and financial businesses.

Fluor Corporation is a professional services company. The Company provides engineering, procurement, construction and maintenance as well as project management services on a global basis. Fluor also provides outsourcing of maintenance services and asset operations, equipment rental and sales, business support services, and other services.

KBR, Inc. is a global engineering, construction, and services company supporting the energy, petrochemicals, government services, and civil infrastructure sectors.  The Company offers a wide range of services through two business segments, Energy and Chemicals (E&C) and Government and Infrastructure (G&I).

KAJIMA CORPORATION is a general contractor operating nationwide and overseas. The Company builds commercial, residential, and institutional buildings with high-rise and earthquake-resistant construction technology.  Kajima also performs large scale civil engineering works such as nuclear power plants. The Company operates real estate and office automation equipment businesses.

Comfort Systems USA, Inc. provides heating, ventilation, and air conditioning system installation, maintenance, repair, and replacement services. The Company's commercial and industrial markets include office buildings, retail centers, apartment complexes, hotels, manufacturing plants, and government facilities.

MasTec, Inc. is a specialty contractor operating across a range of industries. The Company activities are the building, installation, maintenance, and upgrade of utility and communications infrastructure, including electrical utility transmission and distribution, wind farms, solar farms, renewable energy and natural gas infrastructure, wireless, and wireline.

TAISEI CORPORATION is a general contractor operating nationwide and overseas. The Company builds residential, commercial, and institutional buildings such as condominiums and single-family houses.  Taisei also performs civil engineering works for roads.  The Company, through its subsidiaries, operates real estate, resort development, and financial businesses.

Metallurgical Corporation of China Ltd., through its subsidiaries, operates in EPC projects (engineering, procurement and construction) mainly for metallurgical facilities, natural resources exploration, equipment fabrication, and property development.

Metallurgical Corporation Of China Ltd (601618 CH)

Hochtief AG provides construction and construction related services worldwide. The Company finances, designs, builds, constructs and operates a wide variety of facilities through its five divisions; Airport, Development, Construction Services Americas, Construction Services Asia Pacific, and Construction Services Europe.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hochtief AG (HOT GR)

ACS/Thiess/MACA: Generous Premium

Thiess is offering AUD 1.025/share, in cash, cum dividend. The Board of MACA unanimously recommends accepting the offer in the absence of a...

Jesus Rodriguez Aguilar

MACA: Thiess's Friendly Cash Offer

You have a firm, unanimously backed Offer. Trading around a 3.3% gross spread to term. I'd get involved here. A competing Offer cannot be ruled out.

David Blennerhassett

DAX/MDAX/SDAX Quiddity Leaderboard Sep 2022: Some Changes for SDAX and MDAX

Hochtief AG and Hella GmbH could move from SDAX to MDAX and Grand City Properties and Uniper SE could move from MDAX to SDAX. There could be 2...

Janaghan Jeyakumar, CFA

(Mostly) Asia M&A: April 2022 Roundup

For the month of April, nine new deals were discussed on Smartkarma with an overall announced deal size of ~US$22bn. The average premium for the...

David Blennerhassett

Atlantia in Play?

The GIP/Brookfield/ACS deal seems a priori difficult, due to the size of Atlantia (for ACS) but above all because of the possibility that the...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ACS/Thiess/MACA: Generous Premium

Thiess is offering AUD 1.025/share, in cash, cum dividend. The Board of MACA unanimously recommends accepting the offer in the absence of a...

Jesus Rodriguez Aguilar

MACA: Thiess's Friendly Cash Offer

You have a firm, unanimously backed Offer. Trading around a 3.3% gross spread to term. I'd get involved here. A competing Offer cannot be ruled out.

David Blennerhassett

DAX/​MDAX/​SDAX Quiddity Leaderboard Sep 2022: Some Changes for SDAX and MDAX

Hochtief AG and Hella GmbH could move from SDAX to MDAX and Grand City Properties and Uniper SE could move from MDAX to SDAX. There could be 2...

Janaghan Jeyakumar, CFA

(Mostly) Asia M&A: April 2022 Roundup

For the month of April, nine new deals were discussed on Smartkarma with an overall announced deal size of ~US$22bn. The average premium for the...

David Blennerhassett

Atlantia in Play?

The GIP/Brookfield/ACS deal seems a priori difficult, due to the size of Atlantia (for ACS) but above all because of the possibility that the...

Jesus Rodriguez Aguilar

DAX/MDAX/SDAX Quiddity Leaderboard Sep 2022: Some Changes for SDAX and MDAX