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.

Bondalti/Ercros: Board Will Seek a Sweetening

Adnoc/Covestro: Fresh Takeover Negotiations and Valuation Scenarios

Event-Driven

<ul>
<li>The Spanish government has approved Esseco's bid for Ercros, after previously approving Bondalti's offer in June, signaling a significant step in the ongoing takeover battle for the chemical company.</li>
<li>The next step lies with the CNMV, Spain’s stock market regulator, which must first approve Bondalti’s bid before considering Esseco’s. However, both bids have opposition from shareholders holding 27%.</li>
<li>Ercros is trading in line with comparables, but there's potential for bidders to improve their offers, which is likely. Gross spread to Esseco's offer is 2%. Reiterate long.</li>
</ul>


The Spanish government has approved Esseco's bid for Ercros, after previously approving Bondalti's offer in June, signaling a significant step in the ongoing takeover battle for the chemical company.
The next step lies with the CNMV, Spain’s stock market regulator, which must first approve Bondalti’s bid before considering Esseco’s. However, both bids have opposition from shareholders holding 27%.
Ercros is trading in line with comparables, but there's potential for bidders to improve their offers, which is likely. Gross spread to Esseco's offer is 2%. Reiterate long.


Esseco/Ercros: Green Light from Government