KEDM Lite Vol. 24
This week’s additions and highlights 1. SPIN-OFFS Thyssenkrupp (TKA GY). Thyssenkrupp shareholders have approved the spin of TK Accelis, the company’s Materials Services division. The structure remains as previously flagged: Thyssenkrupp will keep a 51% strategic stake, while 49% of TK Accelis shares will be distributed, listing expected in late 2026. TK Accelis generates roughly…
KEDM Lite Vol. 23
This week’s additions and highlights 1. SPIN-OFFS Liberty Global (LBTYA US). Liberty Global completed the buyout of Vodafone’s 50% stake in VodafoneZiggo, so creating Ziggo Group, a Benelux telco with 13m customers and ~€6.6bn revenue. Vodafone receives €1bn cash plus 10% equity, with Liberty owning the remaining 90% and planning an Amsterdam spin‑off in 2027.…
The return of ED
Discipline! Before we get started, what a difference a couple of weeks can make… Last week, we did a deep dive into Japanese activism and introduced our dedicated Japan monitor. We also mentioned 2 ways to play the improvement in Japanese corporate governance that were easy enough for a gaijin to wrap your head around:…
August 02, 2026, Vol. 284
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KEDM Lite Vol. 22
This week’s additions and highlights 1. SPIN-OFFS Valmet (VALMT FH). Valmet launched a strategic review to see if it makes sense to split the company into two listed businesses, separating its Biomaterial Solutions and Process Performance Solutions units. Spoiler alert: it makes a lot of sense. This thing has long carried a large holdco discount,…
KEDM Lite Vol. 21
This week’s additions and highlights 1. SPIN-OFFS Midera Food Processing (MFP US). Flagging the upcoming spin-off of Middleby’s Food Processing business as Midera Food Processing (MFP; expected this week). As mentioned, interesting timing given the unit’s relatively smaller size, stronger growth but worse margin dynamic compared to the Middleby’s larger Commercial Foodservice segment. The Food…
KEDM Lite Vol. 20
This week’s additions and highlights 1. SPIN-OFFS Mobility Global (MBGL-W US). Mobility Global began trading when‑issued, and we’re keeping an eye on this one. The stock is getting quite some attention (Fintwit / VIC / Substack), but let’s see if we’ll see some (forced) selling given its small size, lack of overlap with SPGI and…
KEDM Lite Vol. 19
This week’s additions and highlights 1. SPIN-OFFS Middleby (MIDD US). Middleby has set June 26 as the record date for the spin of Midera Food Processing. Trading on roughly in the first week of July. Interesting timing given the unit’s relatively smaller size, stronger growth but worse margin dynamic compared to the Middleby’s larger Commercial…
KEDM Lite Vol. 18
This week’s additions and highlights 1. SPIN-OFFS Adaptive Biotechnologies (ADPT US). Adaptive will separate its MRD and Immune Medicine businesses, aiming to focus on MRD diagnostics while exploring strategic and structural options for Immune Medicine. The separation is expected to move swiftly, expected by year‑end 2026. To support the move Adaptive is also planning a…
KEDM Lite Vol. 17
This week’s additions and highlights 1. SPIN-OFFS Honeywell (HON US). With the listing of Quantinuum (QNT) completed, the next action point for Honeywell is the upcoming spin of Aerospace. Aerospace will trade under HONA on June 29 (record date June 15), and we note the Aerospace investor day of June 3 for more info on…