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.

Ganz MaVag Offers Sweetener to Spanish Government

Magyar Vagon/​Talgo: Spanish Government Steps In

Magyar Vagon/Talgo: Looming Takeover Offer

Event-Driven

<ul>
<li>Ganz Mavag, a public/private consortium, requests authorisation for its €5/share offer for 100% of <a href="https://www.smartkarma.com/entities/talgo-sa" target="_blank" data-smartkarma-citation="entities:21301:1" rel="noopener">Talgo SA (TLGO SM)</a>. It needs approvals from Spain and seven other EMEA regulators.</li>
<li>Yesterday's close remains similar to the announcement date (7 March), gross spread of 11.3%, indicating uncertainty regarding timeline and development. The market is pricing a 48% probability of deal completion.</li>
<li>The Spanish Government will delay the authorization process. Vs. comparables and considering uncertainties regarding backlog execution, investing in the company seems somewhat risky. The risk/reward ratio is not particularly attractive.</li>
</ul>


Ganz Mavag, a public/private consortium, requests authorisation for its €5/share offer for 100% of Talgo SA (TLGO SM). It needs approvals from Spain and seven other EMEA regulators.
Yesterday's close remains similar to the announcement date (7 March), gross spread of 11.3%, indicating uncertainty regarding timeline and development. The market is pricing a 48% probability of deal completion.
The Spanish Government will delay the authorization process. Vs. comparables and considering uncertainties regarding backlog execution, investing in the company seems somewhat risky. The risk/reward ratio is not particularly attractive.


Construcciones Y Auxiliar De Ferrocarriles SA (CAF SM)

Construcciones Y Auxiliar De Ferrocarriles SA

Ganz-Mavag/Talgo: Request for Offer Authorisation