European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Adnoc/Covestro: Fresh Takeover Negotiations and Valuation Scenarios

Event-Driven

<ul>
<li>ADNOC International (XRG) secured a controlling 69.94% stake in Covestro after the initial acceptance period, surpassing the 50% plus one share threshold.</li>
<li>Regulatory Approvals Pending: The transaction awaits merger control, foreign investment, and EU Foreign Subsidies Regulation clearances, with finalization expected in H2 2025 (usual timeline for deal in the chemical industry).</li>
<li>Remaining shareholders can tender their shares during the additional acceptance period; squeeze-out is likely. Recommendation is tender.</li>
</ul>


ADNOC International (XRG) secured a controlling 69.94% stake in Covestro after the initial acceptance period, surpassing the 50% plus one share threshold.
Regulatory Approvals Pending: The transaction awaits merger control, foreign investment, and EU Foreign Subsidies Regulation clearances, with finalization expected in H2 2025 (usual timeline for deal in the chemical industry).
Remaining shareholders can tender their shares during the additional acceptance period; squeeze-out is likely. Recommendation is tender.


Covestro AG

ADNOC/Covestro: Offer Results Update