KEDM Lite Vol. 24

Actionable event-driven and special situations

We highlight and monitor actionable event-driven trades and special situations.

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Disclaimer. KEDM Lite is provided for informative purposes only. No due diligence has (yet) been performed on the names on this list. The list might change strongly on a regular basis. This overview does not constitute advice; always do your own due diligence. The list is dynamic; it continues to grow and change. If you have interesting additions to the list, feel free to contact us at info@kedm.com or on Twitter. For the full disclaimer, please go here.

This week’s additions and highlights

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1. SPIN-OFFS

• Thyssenkrupp (TKA GY). Thyssenkrupp shareholders have approved the spin of TK Accelis, the company’s Materials Services division. The structure remains as previously flagged: Thyssenkrupp will keep a 51% strategic stake, while 49% of TK Accelis shares will be distributed, listing expected in late 2026. TK Accelis generates roughly €11.4bn revenues (~35% of TKA Group) and EBIT of €132m (~20% of the group).

• Barrick Mining (B US). Generally, too large for Lite, but we like our fights. Barrick chairman Thornton is pushing a plan to IPO the company’s North American mines, but major shareholders (including Van Eck, Mackenzie, and Franklin) are opposing the spin, arguing that it dilutes their stake in Barrick’s most valuable assets. Some investors are now even calling for Thornton’s resignation, calling out years of underperformance and declining gold output. But despite all this Barrick is pushing ahead, naming a CEO for the new unit and securing Newmont’s support (after a $1.95bn settlement).

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2. STRATEGIC ALTERNATIVES & REVIEWS

(Potential take-outs, asset sales, M&A, etc.)

• Clarivate (CLVT US). A reminder that dear old indebted Clarivate has sold its Life Sciences & Healthcare unit (~12% of EBITDA) for $600m. CLVT has grown in the past a ton via acquisitions, resulting in (at the time) over 4.5x turns of leverage. And with the markets turning on AI fears... yeah. Deleveraging and stabilizing performance with continued FCF generation is the name of the game here, and hence the divestments. There’s still quite some debt after the deal, and the rest of the business is declining. But this one is perfect to keep on the watchlist; good chance it can get to an absolutely murdered valuation. IF there’s then some stabilization of the business, this thing could fly. (Though not yet).