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HEALTHCARE: Smith & Nephew (SNLN: Baa2 / BBB+): Cevian Capital Build A 5% Stake

HEALTHCARE
  • Negative: Cevian Capital have announced a 5% stake in Smith & Nephew
  • "Cevian acquires significant minority ownership positions in European public companies, and works as an owner to advance long-term and sustainable value creation."   from their website.
  • So, don't expect a takeover from Cevian but a board shake-up and asset sales possible
  • SNLN 4.565 29  have CoC Put at Par dependent on losing IG Rating. 
  • Bonds trade at 104.05 cash so this offers little protection from a takeover if that were to occur. 

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