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.

CNP Assurances: Potential Minorities Buyout

Event-Driven

<ul>
<li>La Banque Postale (LBP) has increased its stake in <a href="https://www.smartkarma.com/entities/cnp-assurances" target="_blank" data-smartkarma-citation="entities:21421:1" rel="noopener">CNP Assurances (CNP FP)</a> to 85.25%. Following a €1.0/share dividend payment, the offer price has been adjusted to €20.9/share.</li>
<li>The shares have traded in line with the offer price since announcement (around €10 million traded daily on average), and have returned 45% since publication of my first insight.</li>
<li>
Gross spread is 0.1% and the estimated annual return is 0.89%, assuming settlement on 8 June. LBP just needs 4.75% to squeeze-out. Recommendation is tender.</li>
</ul>


La Banque Postale (LBP) has increased its stake in CNP Assurances (CNP FP) to 85.25%. Following a €1.0/share dividend payment, the offer price has been adjusted to €20.9/share.
The shares have traded in line with the offer price since announcement (around €10 million traded daily on average), and have returned 45% since publication of my first insight.

Gross spread is 0.1% and the estimated annual return is 0.89%, assuming settlement on 8 June. LBP just needs 4.75% to squeeze-out. Recommendation is tender.


La Banque Postale / CNP Assurances: Start of Offer Period