Last Week in Event SPACE: Capitaland's REITs, Maeda, Huaneng Renew, Toshiba Machine, Samsung, Olam

Event-Driven

386 Views26 Jan 2020 09:00

SUMMARY

Last Week in Event SPACE ...

The Capitaland Mall Trust (CT SP) / Capitaland Commercial Trust (CCT SP) merger is DPU accretive to everyone (because CMT takes on debt), so it probably gets past unitholders easily enough. And it's kind of a big deal.
Maeda Corp (1824 JP)'s partial Tender Offer for Maeda Road Construction Co (1883 JP) is not unexpected in the world of parent companies buying in subsidiaries in Japan. This one is different, however. This one is hostile.
Huaneng Renewables Corp H (958 HK) clears the key tendering acceptance condition, however, regulatory approvals remain oddly outstanding.
The Partial Offer for Toshiba Machine (6104 JP) is a deliberately low hurdle set by Murakami-san, and effectively suggests what the right answer is for the company to double ROE.
Capping Samsung Electronics (005930 KS)'s weight in the KOSPI 200 is likely a minor adjustment event.
Olam International (OLAM SP)'s announced reorganisation plan could increase liquidity and expand the current investor base - but the two proposed separate listings are two-three years out.
Corporate governance and what, if any, buttons can be pushed to benefit minorities of Pasona Group (2168 JP) and GMO Internet (9449 JP).

Plus, other events, CCASS movements and Mood Spins.

(This insight covers specific insights & comments involving Stubs, Pairs, Arbitrage, share Classifications, and Events - or SPACE - in the past week)

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