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.

Siemens Energy/Siemens Gamesa: Downwards Guidance

Siemens Energy/Siemens Gamesa: Takeover Conundrum

Event-Driven

Siemens Gamesa Renewable Energy, S.A. / Event-Driven

Siemens Gamesa Renewable Energy, S.A. (SGRE SM)

<ul>
<li>Siemens Energy is considering a cash offer for the 32.9% of Siemens Gamesa it does not own. Group simplification and major restructuring would make sense.</li>
<li>Applying the 6-month VWAP rule, the offer price could reach c. <strong>€18.1/share</strong>. Takeover regulation says the offer must be in cash and the price equitable, allowing for other calculation methods.</li>
<li>Siemens Energy does not need to offer a high premium and could make an announcement on 24 May (CMD). Recommendation is long.</li>
</ul>


Siemens Energy is considering a cash offer for the 32.9% of Siemens Gamesa it does not own. Group simplification and major restructuring would make sense.
Applying the 6-month VWAP rule, the offer price could reach c. €18.1/share. Takeover regulation says the offer must be in cash and the price equitable, allowing for other calculation methods.
Siemens Energy does not need to offer a high premium and could make an announcement on 24 May (CMD). Recommendation is long.


Siemens Energy/Siemens Gamesa: Possible Delisting Offer