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.

Selected European HoldCos and DLC: June'24 Report

Event-Driven

<ul>
<li>Press reports that CriteriaCaixa and TAQA will launch their takeover bid for Naturgy at €27/share imminently, with conversations between CriteriaCaixa and TAQA on the distribution of control practically finished. </li>
<li>The offer will target approximately 54% of the share capital of Naturgy. TAQA must go through an exhaustive permit request process due to the highly regulated businesses of Naturgy.</li>
<li>The shares look fairly priced vs. comparables. At the closing share price of 22 May of €24.92/share, I would be long Naturgy (gross spread to hypothetical offer is 7.7%).</li>
</ul>


Press reports that CriteriaCaixa and TAQA will launch their takeover bid for Naturgy at €27/share imminently, with conversations between CriteriaCaixa and TAQA on the distribution of control practically finished. 
The offer will target approximately 54% of the share capital of Naturgy. TAQA must go through an exhaustive permit request process due to the highly regulated businesses of Naturgy.
The shares look fairly priced vs. comparables. At the closing share price of 22 May of €24.92/share, I would be long Naturgy (gross spread to hypothetical offer is 7.7%).


Naturgy Energy Group SA

TAQA & Criteria/Naturgy: Imminent Offer