EMEA Special Situations Daily: Delivery Hero and Italy Financials M&A Feedback

J.P. Morgan provides updates on major EMEA special situations, including Uber's increased 36.8% stake in Delivery Hero and feedback from a Milan tour indicating Italian banks remain disciplined regarding M&A consolidation.

Key Takeaways

• 1.Uber has increased its stake in Delivery Hero to 36.83%, though a mandatory offer is reportedly not triggered.
• 2.Management feedback from an Italian financials tour suggests a preference for M&A discipline over speed, with Banco BPM and UniCredit emphasizing strategic fit and ROI.
• 3.UniCredit reiterated its disciplined approach regarding its stake in Commerzbank, noting it could seek control or ask for a €4.75bn share buyback if control is not achieved.

Table of Contents

• Special Sits Today
• News & Press
• M&A
• Soft Catalyst
• JPM Research
• Spec Sits Calendar - May
• Special Sits Desk Notes and Call Replays
• J.P. Morgan Special Situations Contacts
• EMEA Special Situations
• US Special Situations
• Disclaimers

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