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.

BBVA/Garanti: Looking to Secure Acceptances with a 23% Increase

Event-Driven

Turkiye Garanti Bankasi As / Event-Driven

<ul>
<li>The deal for 50.15% of Garanti has received the relevant authorizations and approval from the market regulator. The  offer memorandum has been published. The offer period started on 4 April.</li>
<li>BBVA should pay €1,605 million (as of 11 April), €644 million less than upon announcement due to Turkish lira depreciation. Some fund managers have voiced their intention of not tendering.</li>
<li>The shares trade roughly in line with peers and are likely to continue their bull run in the short term. It is increasingly difficult the offer succeeds without a sweetening.</li>
</ul>


The deal for 50.15% of Garanti has received the relevant authorizations and approval from the market regulator. The  offer memorandum has been published. The offer period started on 4 April.
BBVA should pay €1,605 million (as of 11 April), €644 million less than upon announcement due to Turkish lira depreciation. Some fund managers have voiced their intention of not tendering.
The shares trade roughly in line with peers and are likely to continue their bull run in the short term. It is increasingly difficult the offer succeeds without a sweetening.


BBVA/Garanti: Offer Period, Shares at a 9% Premium to Offer Price