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.
value and opportunity 
Nice list! What did you use to make it?
Axway Software looked interesting, but I’m not comfortable with my ability to analyze IT companies. I feel like I should take a look at Prelios, just to try to figure out what the heck’s going on. Punch Taverns I own.
#lotradez, i habe simply used the bloomberg m&a screening tool. Mmi