European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-January, spreads have generally tightened across our liquid universe (8 have widened, 10 tightened, 1 at same level).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.</li>
<li>Trade recommendations long prefs / short ords: Carlsberg, Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.</li>
</ul>


Since mid-January, spreads have generally tightened across our liquid universe (8 have widened, 10 tightened, 1 at same level).
Trade recommendations long ords / short prefs: Fuchs Petrolub, Henkel, Handelsbanken, SSAB Svenska Stal.
Trade recommendations long prefs / short ords: Carlsberg, Sixt, VW, Danieli, MFE-Media for Europe, Grifols, Atlas Copco, Ericsson.


Liquid Universe of European Ordinary and Preferred Shares: February ‘23 Report

<ul>
<li>Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 8 tightened, 1 at same level).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, Ericsson, Handelsbanken, SSAB Svenska Stal.</li>
<li>Trade recommendations long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.</li>
</ul>


Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 8 tightened, 1 at same level).
Trade recommendations long ords / short prefs: Fuchs Petrolub, Ericsson, Handelsbanken, SSAB Svenska Stal.
Trade recommendations long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: November ‘22 Report

<ul>
<li>Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening.</li>
<li>Trade recommendations long ords / short prefs: BMW, Fuchs Petrolub, Handelsbanken, SSAB Svenska Stal.</li>
<li>Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.</li>
</ul>


Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening.
Trade recommendations long ords / short prefs: BMW, Fuchs Petrolub, Handelsbanken, SSAB Svenska Stal.
Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: October ‘22 Report

<ul>
<li>Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of German shares, which have generally widened).</li>
<li>Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB Svenska Stal.</li>
<li>Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.</li>
</ul>


Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of German shares, which have generally widened).
Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB Svenska Stal.
Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: September ‘22 Report

<ul>
<li>The offer has been accepted by 96.2% of ordinary shares, 43.24% of the preferred shares and 69.7% of the total share capital. Acceptance for ordinary shares extended to 21 April.</li>
<li>Grifols is addressing its leverage, although may not distribute cash dividends until 2024. The discount of B shares has tightened to 33.1%. Long GRFS US/short GRF SM.</li>
<li>Short BIO3 GR, the shares should return to pre-bid levels (around €35/share), although borrow may be tight. Long BIO GR, and put the shares to Grifols (until 21 April).</li>
</ul>


The offer has been accepted by 96.2% of ordinary shares, 43.24% of the preferred shares and 69.7% of the total share capital. Acceptance for ordinary shares extended to 21 April.
Grifols is addressing its leverage, although may not distribute cash dividends until 2024. The discount of B shares has tightened to 33.1%. Long GRFS US/short GRF SM.
Short BIO3 GR, the shares should return to pre-bid levels (around €35/share), although borrow may be tight. Long BIO GR, and put the shares to Grifols (until 21 April).


Spain

Grifols S.A. develops, manufactures, and markets plasma derivatives, IV Therapy, enteral nutrition, diagnostic systems, and medical materials.

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Grifols (GRF SQ)

Liquid Universe of European Ordinary and Preferred Shares: February ‘23 Report

Since mid-January, spreads have generally tightened across our liquid universe (8 have widened, 10 tightened, 1 at same level).

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: November ‘22 Report

Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening (10 have widened, 8...

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: October ‘22 Report

Since mid-September, spreads have shown a mixed performance across our liquid universe with a slight bias towards widening.

Jesus Rodriguez Aguilar

Liquid Universe of European Ordinary and Preferred Shares: September ‘22 Report

Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of...

Jesus Rodriguez Aguilar

Grifols/Biotest: Put Period

At the end of the additional offer acceptance period, Grifols has 96.2% of the voting rights and holds 69.72% of the share capital of Biotest. The...

Jesus Rodriguez Aguilar

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