European Spin Offs – Reality check

Inspired by Joel Greenblatt’s Book “You can be a stock market genius”, I wanted to take a quick look at the most recent European Spin offs.

As a first sample I searched for all Spin Offs which were announced since 01.01.2009 in Western Europe and completed until today.

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Announced Spin off Spin off Listing Seller
05.05.2011 Maurel & Prom Nigeria 15.12.2011 Etablissements Maurel et Prom
25.11.2011 FIPP 28.11.2011 Acanthe Developpement SA
10.08.2011 European Residual Income Investment Cell 11.08.2011 Real Estate Credit Investments PCC Ltd
18.07.2011 China Africa Resources PLC 01.08.2011 Weatherly International PLC
22.03.2011 Spirit Pub Co PLC 01.08.2011 Punch Taverns PLC
06.04.2011 Kvaerner ASA 08.07.2011 Aker Solutions ASA
01.03.2011 Distribuidora Internacional de Alimentacion SA 05.07.2011 Carrefour SA
20.04.2011 Thor Mining PLC 16.06.2011 Western Desert Resources Ltd
25.01.2011 Axway Software SA 14.06.2011 Sopra Group SA
14.04.2011 TNT Express NV 26.05.2011 PostNL NV
25.03.2011 Autoneum Holding AG 13.05.2011 Rieter Holding AG
07.02.2011 Dedicare AB 04.05.2011 Poolia AB
07.04.2011 HQ AB 02.05.2011 Oresund Investment AB
28.02.2011 PledPharma AB 07.04.2011 Accelerator Nordic AB
08.12.2010 APERAM 26.01.2011 ArcelorMittal
26.10.2010 Bebra Biogas Holding AG 03.01.2011 Envio AG
21.04.2010 Fiat Industrial SpA 03.01.2011 Fiat SpA
19.04.2010 CDON Group AB 15.12.2010 Modern Times Group AB
04.05.2010 Prelios SpA 25.10.2010 Pirelli & C SpA
02.03.2010 Edenred 02.07.2010 Accor SA
22.02.2010 Beni Stabili SpA 10.06.2010 Fonciere Des Regions
21.12.2009 Panoro Energy ASA 08.06.2010 Norse Energy Corp ASA
10.03.2010 Capital & Counties Properties PLC 10.05.2010 Capital Shopping Centres Group PLC
19.04.2010 PRODUKTION203 Media AB 22.04.2010 AU Holding AB
04.03.2010 KHD Humboldt Wedag International AG 31.03.2010 MFC Industrial Ltd
17.11.2009 Cable & Wireless Worldwide PLC 26.03.2010 Cable & Wireless Communications PLC
09.12.2009 Video Futur Entertainment Group SA 27.01.2010 NetGem SA
28.07.2009 Sektkellerei J. Oppmann AG/Neu 30.07.2009 Oppmann Immobilien AG
12.03.2009 Athris Holding AG 30.03.2009 Jelmoli Holding AG

In the follwoing days I will run some Performance checks on those stocks.

One interesting statistic: Out of those 28 spin offs,

6 were French
5 are UK based
3 Swedish
2 Swiss
2 Dutch
2 German
2 Italian
1 Norwegian

So I am quite surprised that France which has a relatively bad repution for shareholder value seems to be a quite active market for spin offs.


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