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Brookfield fund extends study process for another month to decide whether to present takeover bid for Grifols

Bankinter | Brookfield has not obtained the necessary funds to present the takeover bid nor has it reached an agreement with the banks to refinance Grifols’ debt, which amounts to around €10,000 million, so it is to extend one more month the study process to decide whether to present a takeover bid for Grifols. Opinion of the analysis team: Negative news. On 8 July, we learned that Brookfield was analysing…


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Group of funds ask for seat on board to be able to monitor Brookfield’s possible takeover bid for Grifols

Bankinter | Flat Footed, Mason Capital Management and Sachem Head funds jointly control 7.7% of Grifols (GRF) and have asked for a seat on the Grifols board. Their objective is to monitor the takeover bid process being analysed by Brookfield and to ensure that a high premium is paid. Opinion of the Bankinter analysis team: Negative news and a new complication in the development of the possible takeover bid for…


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Brookfield seeks €2 billion in capital for possible takeover bid for Grifols

Norbolsa | Brookfield seeks €2,000 million of capital for the eventual takeover bid for Grifols. The funds would be used to alleviate the group’s financial burden. Currently in the analysis phase, if it goes ahead it will be the largest operation of the year in Spain. To this end, Brookfield has held talks with some of the world’s leading sovereign wealth funds, including Abu Dhabi’s ADQ and Singapore’s GIC, as…


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Grifols cancels Investor Day due to negotiations with Brookfield to launch delisting takeover bid

Bankinter | The company has announced that it will not hold its Investor Day. The date was scheduled for 10 October. The reason given is the negotiations with the Brookfield fund to launch a delisting takeover bid for the company’s shares. Analysis team’s opinion: This is news that in another situation would be negative. In the current situation the impact is minor, the only important thing now is whether the…


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Brookfield negotiates with banks to refinance €10 billion of debt to move forward with Grifols takeover bid

Norbolsa | Brookfield negotiates with banks to refinance €10,000 million of debt to advance in the Grifols takeover bid. Thus, the Canadian fund seeks to cover itself against a possible demand from current creditors to collect the debt before a change of hands in the ownership of the pharmaceutical company, which currently amounts to about €9,500 million.


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L.A. law firm files class action lawsuit against Grifols based on allegations about accounts

Alphavalue/DIVACONS | A Los Angeles law firm, The Schall Law Firm, filed a class action lawsuit against the Catalan company on Tuesday, based on allegations made earlier this year by Gotham City about its accounts. This comes at a time when Grifols is debating a possible takeover bid being prepared by the Grifols family in conjunction with Canadian fund Brookfield. Grifols shares dropped -5.38% yesterday. Grifols: Buy, Target Price €19.9/share.


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Moody’s withdraws Grifols ‘B3’ corporate rating and ‘B3-PD’ probability of default rating among others

Bankinter | Moody’s has stopped rating Grifols’ debt because it believes it has “insufficient or inadequate” information to maintain its ratings. Thus, the agency withdraws Grifols’ corporate rating of ‘B3’ and the probability of default rating of ‘B3-PD’ and the other ratings (senior unsecured debt, secured debt and bank credit lines). Prior to the withdrawal, the outlook was ‘stable’ for all ratings. The Company continues to work with S&P and…


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Government could attach conditions to Brookfield’s takeover bid for Grifols

Banco Sabadell: According to press reports, a possible takeover bid for GRF, such as the one being prepared by Brookfield and the Grifols family, will have to obtain government approval. In addition, if approved, it could impose more or less demanding conditions such as no delisting, maintaining the company’s headquarters in Spain, the continuity of investments or the control of dividends. On the other hand, according to other sources, the…


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Grifols family and Brookfield considering takeover bid to delist Grifols from stock exchange

Grifols (GRF) informed the National Securities Market Commission (CNMV) yesterday that on 7 July the Board of Directors of GRF, at an extraordinary meeting, received a request from GRF’s family shareholders and Brookfield Capital Partners (UK) Limited to allow access to certain company information in order to carry out a due diligence process in relation to a possible acquisition of GRF shares. The Board was informed that the purpose of…


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Moody’s cuts Grifols’ debt rating to B3 from B2, Fitch maintains B+ rating

Bankinter : Moody’s decision is motivated by “weak” liquidity, high leverage (6.8x EBITDA despite the recent sale of 20% of Shanghai RAAS), corporate governance with a “complex and opaque organisational structure”, highlighting the linked operations between Grifols, Scranton, Haema and BPC, and “slower than expected” free cash flow generation. In contrast, Fitch maintained its rating at B+ and upgraded the outlook from negative to stable. Assessment: News with a negative…