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 company has signed an agreement with Brookfield to begin due diligence.
Assessment: In our opinion, a potential government interference in this operation is not a surprise insofar as the plasma derivatives sector is of a strategic nature (despite the fact that the bulk of its activity is carried out in the US and Canada; ~60% sales) to which should be added that Grifols’ share price remains at abnormally depressed levels (-42% in 2024 pre takeover bid) after the crisis of confidence triggered by the Gotham reports. We recall that rumours point to a joint takeover bid by Brookfield and the Grifols family to delist the stock, although in terms of price the former are thinking of €10/share and the family of 12/13 (which coincides with the average share price in 2023, prior to Gotham’s report).
On the other hand, and according to National Securities Market Commission records, Blackrock has increased its stake in Grifols to 3.09% from the previous 1.99%.This would not include indirect shareholdings through financial instruments, which amount to 1.3% of the capital.
Assessment: Low impact news. Other relevant shareholders are: Grifols family 30%, CRMC 3.7%, Jupiter 3% and BNP 3%.
