Jumat, 04 Maret 2016

Betaville

Betaville

Mounties pension fund said to be sniffing around BBA Aviation - part 2

Posted: 04 Mar 2016 03:26 AM PST

A rather nice person familiar with the matter has been in touch to point out that BBA Aviation's shares are only down about 20pc over the last twelve months if you take in the account the 6 for 5 rights issue that took place last September/October. Happy to set the record straight.

Here are the details of the rights issue:

http://www.investegate.co.uk/bba-aviation-plc--bba-/rns/announcement-re--rights-issue/201510120814479213B/

Mounties pension fund said to be sniffing around BBA Aviation

Posted: 04 Mar 2016 03:21 AM PST

PSP Investments has been circling BBA Aviation.

Good sources tell me PSP, a massive Canadian pension fund that looks after money for the Canadian mounted police, is in the early stages of examining a purchase of BBA Aviation.

I also understand PSP has been talking to potential partners in recent weeks about forming a consortium to buy BBA Aviation, which is listed in the FTSE 250 index.

Any deal is likely to value BBA - which provides refuelling and ground handling services to aircraft at airports across the world - at well over £2 billion given the business's market capitalisation currently stands at £1.9 billion.

Some readers might be familiar with PSP as the giant fund recently led a consortium in the £2 billion auction for London City airport.

PSP, though, lost out in that auction to the "mega" consortium, which was led by rival Canadian pension funds Ontario's Teachers Pension Plan, Borealis and AimCo.

My understanding is PSP's interest in BBA Aviation, which yesterday released in line full-year figures, pre-dates the culmination of the £2 billion London City airport auction.

What's not clear is whether PSP has held talks with BBA Aviation, whose chairman is Sir Nigel Rudd, or even made a formal approach for the business.

(I note the company also released this statement yesterday, - http://www.investegate.co.uk/bba-aviation-plc--bba-/rns/director-pdmr-shareholding/201603031451099960Q/ )

Or, whether this story might scare off the Canadian fund. Indeed, don't get too excited as this has happened a few times recently i.e. a potential bidder for a UK-listed company gets outed in the press/digital media, then gets cold feet and goes "pens down".

But you can see why private equity/infrastructure fund type predators might be circling BBA Aviation - the shares are down almost 50pc over the last twelve months.

Here is a link to the latest figures:

http://www.investegate.co.uk/bba-aviation-plc--bba-/rns/final-results/201603030700158705Q/

I asked a PSP spokesperson for comment but she declined to comment on my story.

From predator to prey... - part 2

Posted: 03 Mar 2016 02:43 PM PST

So, loyal readers have got in touch following yesterday's item regarding the Chicago Mercantile Exchange's interest in buying Deutsche Borse to point out that there are clear, hard news reports about the former's interest in purchasing the latter.

Here is a link to what looks like a very well sourced Bloomberg piece from 2013:

http://www.bloomberg.com/news/articles/2013-02-25/cme-said-to-approach-deutsche-boerse-for-merger-talks

Perhaps those people involved in the situation are on the money after all...?
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