IFM/Naturgy: New Developments
The shares are highly likely to increase over the adjusted offer price on account of Criteria's purchases. From an event-driven perspective, I...
146 Views
Selected European Holdcos and DLCs: June Report
Discounts to NAV for our selected European holdcos and DLCs have not shown a clear trend in June. Kinnevik seems a bit overvalued, while Alba and...
360 Views
IFM Advances on Naturgy
According to press, 22% acceptances would highly likely be reached. Gross spread is 3.9%, an attractive level, even with minimal apportionment....
308 Views
IFM/Naturgy: Enter CriteriaCaixa
If IFM is still serious about its offer, it may need to raise its offer. Gross spread is c. 2% (c. 4% annual). Long NTGY SM. Risk is that IFM...
226 Views
Selected European Holdcos and DLCs: May Report
Discounts to NAV for our selected European holdcos and DLCs have generally tightened (and premiums to NAV increased) in May. Swedish holdings are...
201 Views