The spin-off of Sonae Capital

• Autor(es): Daniel, Diogo Vinha Nova
• Data: 2015
• Identificador Persistente: http://hdl.handle.net/10362/15376
• Origem: Repositório Institucional da UNL
• Assunto(s): Spin-off; Divestiture; Conglomerate discount; Case study
• Tipo de Documento: Dissertação de mestrado
• Idioma: Inglês
• Orientador(es): Pinho, Paulo
• Contribuidor(es): RUN

Descrição

The purpose of this project is to study the spin-off of Sonae Capital, which took place in January 2008. Taking the form of a case study, this project is divided between the case narrative and a teaching note. I study the background and motivation of the transaction, along with its outcome. With the available information at the time of the case, I value Sonae Capital at the date of the spin-off and describe a possible trading strategy involving both the spun-off and the demerged companies. Finally, I conclude that the transaction was more beneficial for the parent company, Sonae SGPS, and that it did not follow the typical outperformance pattern observed in other spin-offs.

UNL - NSBE