(BFM Bourse) – 35 public offers were filed or announced last year, according to a barometer released Thursday by investment bank Alantra. However, the median premium offered on the share’s latest price turned out to be higher, standing at a record high of over 30%.
A little as side introductionspublic offerings took a turn for the worse last year on the Paris Stock Exchange.
According to the barometer published this Thursday by the investment bank Alantra, which lists all types of offers (Takeover Offer, Simplified Takeover Offer, Takeover Offer, Exchange Offer, etc.), in 2022 there have been 35, compared to 44 in 2021, 42 in 2020 and 35 in 2019.
This issue lists the tenders submitted and/or announced. In the end, 33 were actually filed with the Autorité des marchés financiers. The two “missing” offers are, according to Alantra, those of Eagle Football Holdings (John Textor) on OL Groupe and Sopra Steria on CS Group.
There were a total of 25 takeover bids (OPA) and takeover bids (simplified takeover bids), i.e. three quarters.
A record median prize
However, the buyers have a priori been more conciliatory with the shareholders than their objectives. The median premium over the last quoted price hit a record high of 31.3% versus 25.8% in 2021, or a 21.3% increase in this premium.
“General unfavorable market context (-9.5%) for the CCA 40 in 2022 and (-10.3%) for the SBF 120 in 2022 led to a general decline in stock prices. To maintain an attractive premium level in the context of public offerings, the initiators have likely offered significant premium levels above spot prices [le cours au jour le jour, NDLR]but in line with the median of the last 120/250 days”, underlines Alantra.
Another trend to highlight, the share of financial investors initiating deals, as opposed to manufacturers buying a competitor to generate synergies, has increased significantly. Their share reached 58% last year against 50% in 2021 and 20% in 2017. We can cite for example Kyoto BidCo takeover bid held indirectly by the US investment fund KKR on the renewable energy producer Albioma.
Alantra proposes various explanations, including a possible refocusing of producers on their internal situation due to the difficult economic context, a better knowledge and control of stock exchange operations by lenders or even a deferment of the latter from the unlisted sector where many transactions they were canceled due to Covid, on the Stock Exchange that never stops.
Also note the growing share of public offerings on Euronext growth, a sub-fund of the Paris Stock Exchange reserved for small caps, less restrictive in terms of regulatory obligations. Thus 39% of the bids submitted concerned companies listed on Euronext Growth compared to 23% in 2021 and 22% in 2020. This is a record that still has several sources of explanation, in particular the fact that these companies can be valued less well because they are less covered by analysts or that this sector contains more technology companies, more sought after after Covid.
The 5 largest public offerings on the Paris Stock Exchange last year
EDF by the French State: 9.643 billion euros
CNP Assurances of La Banque Postale : 2.124 billion euros
Lagardère of Vivendi : 2.014 billion euros
KKR Albioma: 1.576 billion euros
Somfy from the Despature family: 1.099 billion euros
In this classification Alantra specifies that it withheld the amount in which all the shares object of the offer would have been tendered. This classification also includes the commissions relating to the transaction
Julien Marion – ©2023 BFM Exchange