In today’s briefing:
- San Miguel Turns Its Sights To Eagle Cement
- Eagle Cement’s Potential MTO of PHP22.02 from San Miguel
- DuPont de Nemours: Micromax Launch & Other Drivers
- Growatt IPO: Strong Potential Amidst Increasing Demand for Energy Solutions
- The Williams Companies Inc: The NorTex Midstream Acquisition & Other Drivers
San Miguel Turns Its Sights To Eagle Cement
- San Miguel (SMC PM) has announced the acquisition of 88.5% of Eagle Cement (EAGLE PM) at P22.02/share a 43% premium to last close, the completion of which triggers an MTO.
- The deal will trigger notification and clearance with the Philippine Competition Commission.
- The PCC effectively squashed the sale of LafargeHolcim Ltd (LHN SW)‘s 85.73% stake in Holcim Philippines (HLCM PM) to SMC in 1Q20 over anti-trust concerns.
Eagle Cement’s Potential MTO of PHP22.02 from San Miguel
- Eagle Cement Corp (EAGLE PM)/ECC’s selling shareholders (88.50% of the outstanding shares) have signed a SPA to sell their stake to San Miguel (SMC PM) at PHP22.02 per share.
- Post-Completion of the SPA, San Miguel will be required to launch a mandatory tender offer to acquire the remaining 11.50% minority shares at PHP22.02 per share.
- As the regulator previously viewed San Miguel and ECC as part of the same group, regulatory approval should be forthcoming. At the last close, the gross spread is 14.1%.
DuPont de Nemours: Micromax Launch & Other Drivers
- DuPont delivered a solid set of quarterly results in a challenging environment.
- The Roger acquisition also made great progress and DuPont is supposed to close the deal in the next quarter.
- Also, DuPont continues to actively invest in both introducing new products and advancing the technology within its existing product portfolio.
Growatt IPO: Strong Potential Amidst Increasing Demand for Energy Solutions
- Growatt Technology (1833969D CH) is a distributed energy solution provider looking to list in the Hong Kong Stock Exchange. The company plans to raise proceeds of US$ 500m.
- The company has the #1 market share for PV inverters and energy storage inverters, allowing them strong potential to benefit from the growing market.
- The company was able to experience strong revenue growth amidst increasing demand for energy solutions globally. Growatt’s margins also have improved with scale, making us largely positive on the company.
The Williams Companies Inc: The NorTex Midstream Acquisition & Other Drivers
- The Williams Companies delivered a solid result in the second quarter surpassing Wall Street expectations on all counts.
- With 14% growth, the second quarter continued the year’s promising start, reflecting both the success of the company’s core business and the potential gains from its upstream joint ventures.
- Increased maintenance work during the current year’s second quarter contributed to greater operating and maintenance expenditures.
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