The companies in the center of the offers are Minor Hotels, Borges, Naturgy, CIE Automotive and Catalana Occidente. To these, we must add the opas that have not yet been resolved from 2024: that of Banc Sabadell and the two that plan on Ercros. In total, 16,000 million liquidity at stakes for investors. The presentation of offers between this year and the past contrasts with the records of the previous exercises. The analyst Gustavo Martínez points out that European stock markets live a bipolar situation. “The indices are in historical maximums, but small capitalization companies are in minimal. This is a breeding ground for OPAS because these are good companies at very competitive prices,” he says. In the first three months, the presentation of offers of the shareholders themselves or by the company itself for the rest of the shareholders, the so -called autoopas. “If the valuations are low, many consider taking their stock market companies to reduce costs and transparency demands,” says the trader. In this sense, he argues that a possible explanation to these low quotes could be that interest rates are still at high levels. Income 4, Nuria Álvarez analyst says that autoopas can follow very different strategies. “It can be to exclude the company in the stock market but also because you want to reinforce floating capital with subsequent sales,” he says. The purchasing boom of own shares seeks to reinforce floating capital or exclude the company’s company the most outstanding selfopa operation is Naturgy. The Energy Multinational will buy titles from the main shareholders –Criteria, CVC, Blackrock and IFM– to increase the self -confirming to 10% of the shareholder, with an investment of 2,332 million euros. Subsequently, the First Spanish Gasistas plans to return these actions to the market with the aim of increasing Free-Float. In a line similar to Naturgy, the Basque manufacturer of CIE Automotive Automotive components launched a selfopa on almost 10% of the capital for a maximum amount of 278.9 million euros. Subsequently, it will place these shares in the market with the aim of increasing floating capital. Low liquidity prevents institutional investors from investing in the company. Also Lee Gabriel Trindade the Serra family has announced an OPA this week for 37.97% of Catalan Occidente who does not yet control in an operation valued at 2,278 million euros. The company argues that its titles have low liquidity and is determined to pay a 23.9% premium on the price price of the last month to exclude it from the stock market. Borges plans to do the same for 11% who do not control his filial of nuts. The Pont family has made the decision for the low floating capital of Bain, which causes the hiring of titles in the parquet to be practically nil. In Minor Hotels, the same thing happens. MHG Continental Holding has launched an OPA of 114 million for 4.1% that is not controlled to exclude the stock market. In the market there are still operations to resolve from the previous year. This is the OPA launched by the BBVA for 100% of Ban Sabadell for about 11,000 million euros. The National Market and Competition Commission (CNMC) is expected to issue its report in the coming weeks, which will trigger the resolution of an operation with an uncertain result. On a smaller scale, the two opas launched by the Portuguese Bondalti and the Italian Esseco for the chemistry Ercros are still pending for a total of 320 million. The offers that Criteriacaixa never arrived was negotiating for months with the Emiratí Taqa company to launch a joint bid for 100% of Naturgy. However, at the doors last summer, both companies interrupted the negotiations. In recent months, several information has pointed to a possible return to conversations. This same week, criteria has been in charge of denying any type of negotiation. Something similar happens with Grifols and Brookfield. After the rupture in early November, rumors about a possible return to negotiations have flown over the market. At the moment, nothing has materialized.
Credit-Read More
Read More full article
