GETLINK : Oddo BHF raises its opinion
In its note, the research firm mentions the idea of a merger with Eiffage (downgraded to 'neutral' with a target reduced to 112 euros), pointing out that a merger of equals 'would give birth to a new champion concession builder'.
'Eiffage is underperforming and seems to us to be paying for the lack of a structuring acquisition. To change status, Spie and renewable energies can wait, the chosen one is Getlink...', explains the analyst in charge of the dossier.
While acknowledging that 'the equation for a takeover of Getlink remains complex', Oddo BHF believes that an ambitious solution would be to convince Getlink of a merger of equals in the form of a 'reverse takeover' project.
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