European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The Spanish Cabinet has agreed on the acquisition of up to 10% of the share capital of <a href="https://www.smartkarma.com/entities/telefonica-sa" target="_blank" data-smartkarma-citation="entities:21299:1" rel="noopener">Telefonica SA (TEF SM)</a> (c.€2.2 billion), higher than the 5% initially mentioned.</li>
<li>This should move the market as it represents 48 trading days. This also means that the Government will likely authorise the purchase of up to 9.9% by STC.</li>
<li>The Kingdom of Spain 10-y benchmark bond yield is 2.9%, while the 24e dividend yield of Telefonica is 8% (source: IBES), therefore the operation makes financial sense.</li>
</ul>


The Spanish Cabinet has agreed on the acquisition of up to 10% of the share capital of Telefonica SA (TEF SM) (c.€2.2 billion), higher than the 5% initially mentioned.
This should move the market as it represents 48 trading days. This also means that the Government will likely authorise the purchase of up to 9.9% by STC.
The Kingdom of Spain 10-y benchmark bond yield is 2.9%, while the 24e dividend yield of Telefonica is 8% (source: IBES), therefore the operation makes financial sense.


SEPI/Telefonica: Acquisition of a 10% Stake

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The EURO STOXX 50 Index is one of the most highly-tracked indices in mainland Europe and the annual index review takes place in September.</li>
<li>Historically, these Rebalance events have had significant volume impact and they generally involve large cap names. </li>
<li>In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2022.</li>
</ul>


The EURO STOXX 50 Index is one of the most highly-tracked indices in mainland Europe and the annual index review takes place in September.
Historically, these Rebalance events have had significant volume impact and they generally involve large cap names. 
In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2022.


Euro Stoxx 50 Quiddity Leaderboard for Sep 22: Eurozone's Annual Big Impact Rebal Trades

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Luxembourg startup seeks EUR30M to expand global 5G IoT satellite operations, aiming for increased connectivity worldwide.</li><li>South Korea focuses on utilizing nuclear power to boost exports and ensure energy security for the nation's future.</li><li>Next-generation iPhone 17 models will feature LTPO OLED panels from Samsung and LG Display, enhancing display quality for users.</li></ul>

Luxembourg startup seeks EUR30M to expand global 5G IoT satellite operations, aiming for increased connectivity worldwide.South Korea focuses on utilizing nuclear power to boost exports and ensure energy security for the nation's future.Next-generation iPhone 17 models will feature LTPO OLED panels from Samsung and LG Display, enhancing display quality for users.

Tech Supply Chain Tracker (02-Nov-2024): Luxembourg startup needs EUR30M for 5G IoT satellites.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Keisei Electric Railway Co / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> places out 1% of <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, but rejects lowering its stake to 15%.  That is the end of the near-term catalyst.</li>
<li>
<a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.</li>
<li>The spreads for  both <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU) </a> and <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a> are trading wide; both potentially FIRB-related.</li>
</ul>



Keisei Electric Railway Co (9009 JP) places out 1% of Oriental Land (4661 JP), but rejects lowering its stake to 15%.  That is the end of the near-term catalyst.

New World Development (17 HK) popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.
The spreads for  both Alumina Ltd (AWC AU)  and Azure Minerals (AZS AU) are trading wide; both potentially FIRB-related.


Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

Telefonica Deutschland Holding / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telefonica-sa" target="_blank" data-smartkarma-citation="entities:21299:1" rel="noopener">Telefonica SA (TEF SM)</a> has decided to make a €2.35/share cash takeover offer to acquire the 5.65% stake in its German unit <a href="https://www.smartkarma.com/entities/telefonica-deutschland-holding" target="_blank" data-smartkarma-citation="entities:21687:1" rel="noopener">Telefonica Deutschland Holding (O2D GR)</a> that it does not own. </li>
<li>The bidder and parent company, Telefonica, have informed Telefonica Deutschland that, except for FY 2023 dividend, they do not plan to support the distribution of dividends for future financial years.</li>
<li>The Bidder will apply for delisting thus the shares will soon become illiquid. Accept offer.</li>
</ul>



Telefonica SA (TEF SM) has decided to make a €2.35/share cash takeover offer to acquire the 5.65% stake in its German unit Telefonica Deutschland Holding (O2D GR) that it does not own. 
The bidder and parent company, Telefonica, have informed Telefonica Deutschland that, except for FY 2023 dividend, they do not plan to support the distribution of dividends for future financial years.
The Bidder will apply for delisting thus the shares will soon become illiquid. Accept offer.


Telefonica/Telefonica Deutschland Holding AG: Delisting Offer

Spain

Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America.  The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

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Telefonica SA (TEF SM)

SEPI/Telefonica: Acquisition of a 10% Stake

The Spanish government plans to acquire up to 10% of Telefonica, a higher percentage than initially mentioned, to counterbalance the acquisitions...

Jesus Rodriguez Aguilar

Euro Stoxx 50 Quiddity Leaderboard for Sep 22: Eurozone's Annual Big Impact Rebal Trades

There are 3 ADDs/DELs based on current data but these rankings could fluctuate. There might some interesting pair trades involving the highest...

Janaghan Jeyakumar, CFA

Tech Supply Chain Tracker (02-Nov-2024): Luxembourg startup needs EUR30M for 5G IoT satellites.

Luxembourg startup seeks funding for global 5G IoT satellite expansion, South Korea boosts nuclear power for exports, iPhone 17 to feature LTPO...

Tech Supply Chain Tracker

Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Telefonica/Telefonica Deutschland Holding AG: Delisting Offer

Telefonica SA offers €2.35/share to acquire remaining stake in Telefonica Deutschland Holding, plans to delist shares and halt future dividends....

Jesus Rodriguez Aguilar

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52-week Range

Market Cap (USDm)

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SEPI/Telefonica: Acquisition of a 10% Stake

​The Spanish government plans to acquire up to 10% of Telefonica, a higher percentage than initially mentioned, to counterbalance the acquisitions...

Jesus Rodriguez Aguilar

Euro Stoxx 50 Quiddity Leaderboard for Sep 22: Eurozone's Annual Big Impact Rebal Trades

There are 3 ADDs/DELs based on current data but these rankings could fluctuate. There might some interesting pair trades involving the highest...

Janaghan Jeyakumar, CFA

Tech Supply Chain Tracker (02-Nov-2024): Luxembourg startup needs EUR30M for 5G IoT satellites.

Luxembourg startup seeks funding for global 5G IoT satellite expansion, South Korea boosts nuclear power for exports, iPhone 17 to feature LTPO...

Tech Supply Chain Tracker

Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Telefonica/Telefonica Deutschland Holding AG: Delisting Offer

​Telefonica SA offers €2.35/share to acquire remaining stake in Telefonica Deutschland Holding, plans to delist shares and halt future dividends....

Jesus Rodriguez Aguilar

The Spanish government plans to acquire up to 10% of Telefonica, a higher percentage than initially mentioned, to counterbalance the acquisitions...

Telefonica SA offers €2.35/share to acquire remaining stake in Telefonica Deutschland Holding, plans to delist shares and halt future dividends....