Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Glaxosmithkline Consumer Healthcare / Event-Driven

Glaxosmithkline Consumer Healthcare (SKB IN)

On December 3rd, the boards of both <a href="https://www.smartkarma.com/entities/13828" target="_blank" data-smartkarma-citation="entities:13828:1">Hindustan Unilever (HUVR IN)</a> ("HUL") and <a href="https://www.smartkarma.com/entities/18984" target="_blank" data-smartkarma-citation="entities:18984:1">Glaxosmithkline Consumer Healthcare (SKB IN)</a> ("GSKCH") <a href="https://www.hul.co.in/news/press-releases/2018/hul-board-approves-merger-of-hul.html" target="_blank">approved</a> a merger (subject to regulatory and shareholder approval) - at an exchange ratio of 4.39 HUL shares for every 1 GSKCH share - in a £3.1 bn deal. 
Bolting on GSKCH, India's market leader in the health food drinks category, fits with HUL's long-term goal to develop a profitable foods and refreshments business.  Following the completion of the transaction, HUL will also distribute GSK’s OTC and oral health brands under a five-year consignment arrangement.
The transaction is conditional on the approval of the merger by GSKCH and HUL's shareholders. Both <a href="https://www.smartkarma.com/entities/21960" target="_blank" data-smartkarma-citation="entities:21960:1">GlaxoSmithKline PLC (GSK LN)</a> and <a href="https://www.smartkarma.com/entities/21141" target="_blank" data-smartkarma-citation="entities:21141:1">Unilever NV (UNA NA)</a>, who hold 72.5 % and 67.2% of the shares in GSKCH and HUL respectively, intend to vote in favour of the merger, all but guaranteeing this condition.
Following the completion of the transaction, GSK will own approximately 5.7% of HUL which it intends to sell down in tranches. Unilever‘s holding in HUL will be diluted to 61.9% from 67.2%.
The transaction is also subject to the receipt of anti-trust clearances in India, the approval of the merger by the relevant National Company Law Tribunals and certain other customary closing conditions.
The transaction is expected to be completed by the end of 2019. This is a low-risk deal and the gross/annualised spread of 5.8% (before dividends) reflects this.

On December 3rd, the boards of both Hindustan Unilever (HUVR IN) ("HUL") and Glaxosmithkline Consumer Healthcare (SKB IN) ("GSKCH") approved a merger (subject to regulatory and shareholder approval) - at an exchange ratio of 4.39 HUL shares for every 1 GSKCH share - in a £3.1 bn deal. 
Bolting on GSKCH, India's market leader in the health food drinks category, fits with HUL's long-term goal to develop a profitable foods and refreshments business.  Following the completion of the transaction, HUL will also distribute GSK’s OTC and oral health brands under a five-year consignment arrangement.
The transaction is conditional on the approval of the merger by GSKCH and HUL's shareholders. Both GlaxoSmithKline PLC (GSK LN) and Unilever NV (UNA NA), who hold 72.5 % and 67.2% of the shares in GSKCH and HUL respectively, intend to vote in favour of the merger, all but guaranteeing this condition.
Following the completion of the transaction, GSK will own approximately 5.7% of HUL which it intends to sell down in tranches. Unilever‘s holding in HUL will be diluted to 61.9% from 67.2%.
The transaction is also subject to the receipt of anti-trust clearances in India, the approval of the merger by the relevant National Company Law Tribunals and certain other customary closing conditions.
The transaction is expected to be completed by the end of 2019. This is a low-risk deal and the gross/annualised spread of 5.8% (before dividends) reflects this. 

Hindustan And GSK In The Pursuit of Happiness