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: Time to Tender

Siemens Energy/Siemens Gamesa: Possible Delisting Offer

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 seems to have the backing of both BlackRock and Norges, and could then count on 72.55% of the votes vs. 75% approval at EGM needed for delisting.</li>
<li>The shares have seen high purchasing activity since the offer announcement (€158 million average turnover since Monday). Gross spread is 1.5%, 3.7% estimated annual return (assuming settlement on 24 October).</li>
<li>One could sell part of the shares if the share price rises above the offer price and await a possible sweetening, and tender the rest during the acceptance period.</li>
</ul>


Siemens Energy seems to have the backing of both BlackRock and Norges, and could then count on 72.55% of the votes vs. 75% approval at EGM needed for delisting.
The shares have seen high purchasing activity since the offer announcement (€158 million average turnover since Monday). Gross spread is 1.5%, 3.7% estimated annual return (assuming settlement on 24 October).
One could sell part of the shares if the share price rises above the offer price and await a possible sweetening, and tender the rest during the acceptance period.


Siemens Gamesa Renewable Energy, S.A.

Siemens Energy/Siemens Gamesa: What Now?