Category Archive for "Published"
Change at Linde Suggests an Acquisition Is Possible
The PX discussion clearly caused significant disagreement at Linde and the fall out at the senior management level is significant. We believe that this opens Linde up for an acquisition, by either PX or APD. See prior research. It
Air Products – Sit On The Sidelines, Or “Suit-Up”
In research published today we share thoughts about the proposed PX/Linde merger, which we think is more likely to be a PX acquisition of Linde – should it go ahead. However, what APD could do matters. We are assuming that
Ethylene – The US Remains The Center Of Attention
In late March we published a longer term view of ethylene. Our focus was on what we still believe will be a weakening second half of 2016, possibly more accelerated if Europe is weak – a concern raised by CAT
Monsanto/Bayer – Brexit Raises a Significant Currency Problem
While we think we have a willing buyer and seller on this deal, clearly negotiations have hit a stumbling block, with MON making it very clear that it is looking for other possible partners and BASF mentioned again in the
Axiall – Don’t Listen For The Fat Lady Quite Yet!
Lotte may consider themselves the “White Knight” for Axiall, but unless they are riding a very big horse and have very large amounts of money in the saddle bags, this story may be far from over. A stock bid
A Deep Learning Primer – The Reality May Exceed the Hype
A Deep Learning Primer – The Reality May Exceed the Hype Deep learning based AI will drive the next phase of disruption for TMT. Leveraging hyperscale data centers and ubiquitous mobile devices, AI systems that allow computers to interpret ambiguous
AXLL – Expect a Sale Eventually – Stock Could Drop if WLK Suspends Interest
Since the publication of the most recent AXLL defense document 10 days ago, there has been (public) radio silence from WLK regarding the rejected WLK bids. Axiall seem confident that they can win a proxy fight, or at least keep
Axiall Strikes Back, but Painting a Very Bleak Picture for Polyethylene vs PVC
On May 9th Axiall issued a presentation defending its position with regard to the hostile takeover move from Westlake and in anticipation of a potential proxy battle. It is a well-constructed presentation and obviously self-serving, but on the whole an
Axiall – Something Else Up Its Sleeve?
Axiall’s apparent reluctance to engage with Westlake in a formal discussion with respect to Westlake’s offer (resulting in a higher bid from Westlake this morning) suggests one of two possible positions: Axiall believes that it can win a proxy battle
SHW/VAL – An Expensive Deal Not Without Its Hurdles
The announced acquisition of Valspar by Sherwin Williams, while consistent with our broad view on consolidation does not really tick any of the boxes we identified. This is not a segment facing massive offshore competition, nor is it oversupplied. Both