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.

Suez - Veolia Tussle: Ardian and GIP Enter the Fray

Event-Driven

The end of a lengthy takeover battle is in sight, and I have been long Suez since the outset.
On 29 June, the board of Suez announced that it recommends the acceptance of the takeover bid.
Also on 29 June, Veolia informed the AMF of the increase of the Offer price from €18/share (cum dividend) to €20.50/share (cum dividend) and filed the <a href="https://www.veolia.com/sites/g/files/dvc4206/files/document/2021/06/Finance_Draft%20offer%20document%20on%20Veolia%20cash%20tender%20offer%20for%20Suez_06-29-2021.pdf" target="_blank" rel="noopener">Draft Offer Document</a> with the AMF.
A €0.65 dividend per share will be submitted to the vote of Suez shareholders at the next AGM of Suez (30 June). The ex-dividend date would be 6 July, and the payment date would be 8 July. If the distribution is approved, the offer price will be reduced by €0.65/share as from the ex-date. The adjusted offer price is €19.85/share.
The validity threshold of over 50% should be comfortably crossed.
Gross spread is 2.2%, with closing in about six months. Recommendation is long SEV FP.

The end of a lengthy takeover battle is in sight, and I have been long Suez since the outset.
On 29 June, the board of Suez announced that it recommends the acceptance of the takeover bid.
Also on 29 June, Veolia informed the AMF of the increase of the Offer price from €18/share (cum dividend) to €20.50/share (cum dividend) and filed the Draft Offer Document with the AMF.
A €0.65 dividend per share will be submitted to the vote of Suez shareholders at the next AGM of Suez (30 June). The ex-dividend date would be 6 July, and the payment date would be 8 July. If the distribution is approved, the offer price will be reduced by €0.65/share as from the ex-date. The adjusted offer price is €19.85/share.
The validity threshold of over 50% should be comfortably crossed.
Gross spread is 2.2%, with closing in about six months. Recommendation is long SEV FP. 

Suez

Approval from Suez's Board