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In the news: Saverex, the family investment vehicle of
- Saverys, which controlled more than 45 percent of
Exmar shares in April, was able to raise that stake to nearly 84 percent through investor buyouts. -
But that is not enough to take
Exmar off the stock market, as the 95 percent mark must be crossed for that to happen. With a solid 16 percent of the capital still held by the public, the gas tanker shipping company thus remains listed on theBrussels stock exchange .
More context: The failure of the stock market exit is not entirely surprising. Even from the launch of the takeover bid, some analysts thought the offer price was on the low side, and Saverys announced last month that it had no intention of raising that price.
Stock market adventure not over yet
The implications: Picking
- "
Exmar will continue to be listed on the Euronext Brussels exchange as before, but with a whole lot fewer shares in free circulation. This could make future share price movements more volatile, especially since it is not excluded that Saverex or other parties could possibly buy additional shares on the market," KBC economist Tom Simonts writes in an analysis. - For example, Saverys could "simulate" the takeover bid by buying additional packages of shares at the same price in the coming weeks. Other large investors could speculate on this by buying back shares themselves.
-
But a sort of armed peace is also possible, where Saverex or other major parties stop making large purchases and the remaining investors simply let their financial fate depend on what major shareholder Saverys intends to do with
Exmar .
Conclusion:
(kg)
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