In today’s briefing:
- Cosmo Energy (5021) Vs Murakami – It’s On!
- Esso Thailand: Bangchak Corp’s Takeunder
- Holcim: Transformation Is Underway
- Survival Technology Pre-IPO Tearsheet
Cosmo Energy (5021) Vs Murakami – It’s On!
- In March 2022, longtime Cosmo Energy Holdings (5021 JP) holder Mubadala sold the last 15.7% of Cosmo Energy in a block sale after having sold 5% 8 months earlier.
- A month later it was revealed noted Japanese activist Murakami-san had bought 5.1%. A week later it was 8.3%. Then he bought more. Cosmo announced a buyback in May 2022.
- By November Murakami-san had 19.8%. But behind the scenes there had been discussions and those are now coming to light. Cosmo has announced possible defence measures.
Esso Thailand: Bangchak Corp’s Takeunder
- Refiner/retailer Bangchak Corporation (BCP TB)‘s board has approved the purchase of a 65.99% stake in Esso Thailand (ESSO TB) from Exxon Mobil (XOM US).
- The purchase price is subject to a price adjustment mechanism and will only be known upon completion of the SPA. The indicative Offer Price is THB 8.84, 20% below undisturbed.
- Once completed – tentatively anticipated in the 3Q23 – a mandatory tender offer will be triggered for the remaining 34.01% of shares out in Esso.
Holcim: Transformation Is Underway
- Holcim is reinventing itself. Recent acquisitions such as Elevate (formerly Firestone Building Products), Malarkey, and PRB Group are supporting the Company’s move towards becoming a global ‘green’ leader in building.
- New 2025 Strategy ‘Accelerating Green Growth’ in full force. Transformation in the making.
- Strong balance sheet, strong cash flow generation. Holcim’s profile has evolved for the best, including improved ESG standings, and therefore, we expect a re-rating of the Company. Over 25% upside
Survival Technology Pre-IPO Tearsheet
- Survival Technologies (1279515D IN) is looking to raise around US$121m in its upcoming India IPO. The deal will be run by JM Financial, and ICICI Securities.
- Survival Technology (ST) is a contract research and manufacturing services (CRAMS) focused speciality chemical manufacturer in India.
- As per CRISIL, the firm is one of the leading CRAMS companies in India in terms of manufacturing of select chemical products as of Mar 22.
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