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...
232 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:...
278 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...
383 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...
448 Views
Global Ex-US Rally Underway - But Will It Last?
Coming off of oversold levels, the recent USD pullback to the prior breakout level over the last week has led to a reprieve for broad MSCI EAFE,...
461 Views