Selected European Holdcos and DLCs: February Report
Discounts to NAV for European holdcos and DLCs have generally widened in February. The report incorporates some results, as well as several SOTPs.
256 Views
IFM's Partial Offer for Naturgy: Role of Spanish Government and Apportionment Scenarios
Government authorization is highly likely. The gross spread to the offer price is 7.2%, and the spread to the apportionment weighted TP of €22 is...
219 Views
Selected European Holdcos and DLCs: January Report
Discounts to NAV for our selected European holdcos have widened in January, in line with equity markets drifting lower. General recommendation:...
269 Views
IFM Investors to Launch a Partial Hostile Tender Offer for Naturgy
Criteria Caixa must decide whether to tender. I recommend LONG NTGY SM (gross spread 3.7%). Failure to tender would mean keeping a share with...
362 Views
Enhanced Limits to Investments in Spanish Companies
Any attempt to acquire over 10% of a Spanish listed company by any foreign investor must be approved by the Cabinet. This could prevent bids of...
426 Views