EMEA Special Situations Specialist Commentary

This report provides a daily update on EMEA special situations, focusing on UniCredit's increased exposure to Commerzbank, UMG research updates, and upcoming M&A PUSU deadlines.

Key Takeaways

• 1.UniCredit (UCG) increased its stake/exposure in Commerzbank (CBK) to 54.09% inclusive of swaps and derivatives.
• 2.J.P. Morgan maintains an Overweight rating on UMG with a target price of €48, citing secular growth despite 'hair' from ongoing corporate overhangs.
• 3.Electrolux management addressed investor concerns regarding manufacturing execution risk at the Anderson facility during a sell-side meeting.

Table of Contents

• Special Sits Today
• News & Press
• JPM Research
• Spec Sits Calendar - June
• Special Sits Desk Notes and Call Replays
• J.P. Morgan Special Situations Contacts
• Disclaimers