This week’s additions and highlights
1. SPIN-OFFS
- Fosun International (656 HK). If you ever thought ‘I’d like to own a piece of peace’, this might be your chance. Fosun plans to spin off ClubMed Lifestyle Group in Hong Kong, bringing Club Med back to public markets to fund a major global expansion. The idea is to grow the resort network from 69 to about 85 locations by 2030 and improve efficiency (upgrades, digital and AI capabilities, etc.) and balance‑sheet optimization. Interesting, but ClubMed’s H1 profit fell 12% (despite stable revenue). We’ll keep an eye on this.
- Carlin Gold (CGD CN). Carlin Gold plans to spin out a 5% NSR (net smelter return) royalty on its Cortez Summit property. The spin-off is expected for this year. We love these spins; tiny, not followed, different vs parentco, etc. Also interesting, insiders (ao the Chairman) have been buying a LOT of shares on the open market over the past few weeks.
- Siemens Energy (ENR GY). Siemens Energy is rumored to be considering spinning off its “Transformation of Industry” division, which makes compressors and steam turbines. This unit generates ~€5.5bn revenues (roughly 14% of group sales), with the reports also mentioning that this could grow to €10-11bn by 2031, and thereby tripling profits. Nice. UPDATE (August 25, 2026) It looks like before pursuing a spin, Siemens will field offers from PE for a (majority) stake in its Transformation of Industry division (steam turbines). They’ve hired Goldman to run the process, with CVC, EQT, Bain, Brookfield and KKR all reported to be evaluating bids. There’s a board meeting today to discuss next steps.UPDATE (September 1, 2026) It has been decided. ENR is to spin its Industry unit. But the plan is already facing pushback from labor unions. Workers claim that the timing is wrong and fear the company could give up technologies important to the energy transition, including compressors and electrolyzers. This, combined with Musk confirming that SpaceX intends to make turbine parts, has bene pressuring the ENR’s share price.
2. STRATEGIC ALTERNATIVES & REVIEWS
(Potential take-outs, asset sales, M&A, etc.)