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CONSUMER CYCLICALS: Robert Bosch (RBOSGR NR/A/A): Potential M&A

CONSUMER CYCLICALS

Negative for spreads, M&A headlines continue to develop.

  • Bloomberg reports Bosch as the favourite to acquire HVAC assets from Johnson Controls.
  • JCI had slated around $5bn of HVAC assets for sale, with an undisclosed amount already completed but likely in the billions. This deal is said to be worth several billion.
  • Bosch was also linked with a €5bn+ bid for Whirlpool for last month. It has €4.5bn EBIT for FY23 so these would be meaningful deals for credit.
  • The CEO had previously raised the possibility of partial IPOs which could be used for funding. 
  • RBOSGR spreads spiked on the Whirlpool headline but retraced quickly and are now back roughly where they were.
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